Evaluation of Non-Fungible Token (NFT)

TL;DR

This paper systematically reviews the development and potential of Non-Fungible Tokens (NFTs), highlighting their role in digital ownership, recent growth, and future development challenges.

Contribution

It provides a structured overview of NFT technology, addressing current developments, challenges, and future prospects for developers and researchers.

Findings

NFTs uniquely identify digital assets and prove ownership.

NFT market has experienced rapid, unpredictable growth.

NFTs have potential applications across arts, real estate, and other sectors.

Abstract

The derivative of token standard of Ethereum blockchain, termed as Non Fungible Token is distinguishable token. These tokens are bound with digital properties that provide them unique identification which helps in fulfilling the aim of distinguishable tokens. These tokens are used as an evidence of ownership for the digital asset, with which they are bound to. And it is with these non fungible tokens that the problem of proving ownership of digital asset is being solved and with this technique, it is with hope that developers are looking forward to solve many more problems of the real world with it, may it be providing tradability solutions for arts, real estate and many other sectors. During the time of writing this, the NFT has shown unpredictable growth in the recent years and this has caused the stimulation of prosperity of DApps(Decentralized Application).With an unpredictable growth and garnering attention worldwide with many mainstream key people investing in it , the NFT is still in developing stage and is still premature. This paper is an attempt to squeeze the NFT developments systematically, so the aspiring developers can have the resource to start with and aid the development process further