Non-Fungible

Token
- Aprajita Upadhyay
- Lavanya Kapoor
- Nikhil Kumar
 What is a Non-Fungible Token?
NFT stands for "non-fungible token." At a basic level, an NFT is a
digital asset that links ownership to unique physical or digital items,
such as works of art, real estate, music, videos, land, tweet, or just
anything.

$2.9 million
Bored Ape Yacht Club
CryptoKitties are similar to Pokemon cards, with one crucial difference—they’re
based on the Ethereum blockchain. This is arguably the first NFT project that
has seen overwhelming adoption—and it happened in 2017.
RTFKT is making big waves in fashion. Even though the people that buy his NFT
sneakers won’t ever be able to wear them, they’re still willing to pay upwards
of $10,000 for a pair.

Serial entrepreneur Gary Vaynerchuk has recently released his own NFT
collection called “VeeFriends,” the approach is on selling access to special
privileges.
Taco Bell’s charitable NFTs
 NFT vs Crypto Currency
“Non-fungible” more or less means that it’s unique
and can’t be replaced with something else. For
example, a bitcoin is fungible — trade one for
another bitcoin, and you’ll have exactly the same
thing. A one-of-a-kind trading card, however, is
non-fungible. If you traded it for a different card,
you’d have something completely different.
More about NFT
In October 2015, the first NFT project, Etheria, was launched and
demonstrated at DEVCON 1 in London, Ethereum's first developer
conference, three months after the launch of the Ethereum
blockchain.
The global Non-fungible Token (NFT) market size reached $ 50.10
Billion in 2021.
India's first fully curated NFT marketplace is
developed by Jupiter Meta that was launched on
23 February 2022.
How NFT works?
At a very high level, most NFTs are part of the Ethereum
blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin,
but its blockchain also supports these NFTs, which store extra
information that makes them work differently.
How to purchase a NFT?
1. Purchase Ethereum on a crypto exchange (such as Coinbase
Global (NASDAQ: COIN)).
2. Transfer your crypto to a crypto wallet. Some exchanges like
Coinbase have built-in wallet features that are offered when
you open an account, but other options include dedicated
wallets like MetaMask.
3. Connect your wallet to an NFT marketplace. Once connected,
you can start browsing the marketplace's NFT collection and
make a purchase.
 Survey
The sample consisted of 35 people with 19 Male and 16 Females
with the majority(82.9%) belonging to 20-25 age.

Have you heard about NFT

(Non- Fungible token) before?
No
57.1%
Yes
From where have you heard about NFT before?
Other
11.4%

Never heard
News Media 40%
20%

Friends and Famly

28.6%
Which of these would you say is closest to defining 'NFT'?
A method of investing
5.7%

A Digital file sold via blockchain

20%
A Digital Artwork
40%

A type of file .NFT

8.6%

Crypto Currency
25.7%
Which of the following best describes your usage of NFT?
Few times a week
14.3%

Once or twice before but no longer

2.9%
Once a month 2.9%
Daily
2.9%

Never Used
77%
Main reasons to use NFT?
Financial Gain
17.1%

Interest in technology
8.6%

Fun and Entertainment

Don't Know 5.7%
60%
Following trend
5.7%
I'm an NFT collector
2.9%
Do you anticipate using or trading NFT in the coming years?
Depend on how useful NFT's are
11.4%

Depend on how profitable NFT's are

14.3%

NO
48.6%

YES
25.7%
What are the main Roadblock for NFT?
Have a limited use
Have limited use 5.7%
5.7%

Technology has unknown risks

14.3%

Don't know
54.3%

It is hard to link NFT to real world assets

20%
Significance of NFT
People have long built communities based on things they own, and
now it’s happening with NFTs.
One community that’s been exceedingly popular revolves around a
collection of NFTs called Pudgy Penguins, but it’s not the only
community built up around the tokens.
It could be argued that one of the earliest NFT projects,
CryptoPunks, has a community around it, and there are other animal-
themed projects like the Bored Ape Yacht Club that have their own
clique.
A great platform for digital artists or any artist.
A market for rare art forms.
All digital workframe.
 Conclusion
NFT is a recent concept and extremely vast concept to be
understood by everyone. It surely is risky and highly dependent
upon the hype factor but is still is on the rise. It helps build a
community and gives another way of revenue source for artists. It
still is an untapped and undiscovered field but it can be a
instrument for investment for sure.