FinTech is one of the key sectors seeking to leverage the tremendous potential inherent in blockchain technology. Since late 2020, cryptocurrencies, bitcoin in particular, have been gaining popularity in mainstream payment transactions primarily because of their large-scale adoption by renowned companies like PayPal, Square, and Tesla. FinTech players have started providing Bitcoin as an alternative currency to expand their user communities.
Non-Fungible Token (NFT) owes its development to blockchain technology. In early 2021, NFT was among the first applications of blockchain technology to have gained widespread popularity.
What are Non-Fungible Tokens (NFTs) ?
Non-Fungible Tokens or NFTs are tradable digital assets (images, music, videos, virtual creations) whose ownership is recorded in smart contracts on a blockchain. An NFT is a unit of data stored on a digital ledger (a blockchain) that certifies a digital asset as unique and therefore not interchangeable. Since each NFT is unique, non-transferable …