THE IMPORTANCE OF NFT IN 2022
By: Misbah Saeed
Tags: Web3, Metaverse, 2022, Nft Marketplace, Nft

Technology is advancing rapidly. Internet is evolved a lot. In the 1990s days, there was web 1.0. This web was disorganized then it comes web 2.0 in the mid of 2000s. A platform like Amazon, Google Facebook, Instagram, Twitter, Snapchat, and many more. Web 2.0 makes it easy for people to communicate and connect with each other and transact online. Now you may think that it is a full stop like come on like you are sitting at your home in the US and you are talking to your friend and Pakistan via WhatsApp or you are in Canada and you can shop from China through Amazon without going anywhere, now here it comes to web 3.0 which is beyond your imagination such as Bitcoin it is a coin which is your asset and you cannot see it however it is not in physical form however it exists.

The next generation of the Internet will be blockchain it will have on the currency which we called cyber currency or crypto. Metaverse is also a part of web 3.0 and most important and shocking thing is NFT.

NFT you might be similar to this word or not well then let’s start with the basic. NFT (non-fungible token). NFT means irreplaceable like thing which is only one in this universe. Things that can be in NFT it can be art, music, video any character, etc in other words NFT is a thing which has not any copy however fungible thing which is common and has several copies like handbag it has various design in copy however non-fungible means which is unique like Taj mahal is one located in India, K2 mountain is located in Pakistan. The token is anything that is transferable it could be anything hence non-fungible token is any digital asset that is only one and it copies do not exist anywhere else.

NFT has various categories as digital art is a type of art that consists of artwork like images, video, gifs. Connectable consists of items of interest to collectors. Games including digital objects used in games. Metaverse is made up of virtual world utility referred to the item having a specific function.QUANTUM was the first NFT made by KEVIN MOCOY.

NFT open up many opportunities for both developer and assets owners to create values. Like it or not but the importance of an NFT is increasing a lot considering that NFT can represent any digital object we believe that they use will extend to other forms of digital media in the future.

NFT sales increased 2.5 billion dollars in 2021 with no sign of slowing down. You might be thinking about why NFT worth so much? and why you should invest in NFT or make your own NFT. So let’s find the untold truth and importance of NFT in 2022.

SMART CONTRACT

The importance of NFT can be describes through smart contract which are at the heart of blockchain technology a law for automatic execution in response to to a specific condition suppose you are the owner of NFT and you want to resell it for a profit later and if the artist who make your NFT attach royalty rider to the contract that is can get compensate immediately.

SECURITY

Suppose you are an artist and you made a painting and someone stole your work what will you do for some artists to not even aware about it that the work had been stolen. The traditional artwork creditors have to be aware of the danger of transacting artwork. Before creating a purchase they should exam the extra safety feature to make button that transaction is going smoothly. NFT is the most beneficial for artists. NFT can be traded in a immutable digital signatures, delivering unique confidence in collectors.

OWNERSHIP

NFT is the proof of ownership. Most essential of all NFT are indivisible and could not be distributed among many owners sometime the ownership of NFT make sure that buyer are safe for any concern of any fake NFT.

CONCLUSION

No doubt NFT is one of the most important inventions of internet commerce. In addition, the benefits of NFT have become the hopeful selling point for the different types of user and NFT make it easy for artists to sell directly to the collector the most important part of NFT may be described as it is far trading now it is important to be aware of NFT limits. Anyone can sell and create an NFT and there is no evidence of its value however in a digital market where many people use pseudonyms, scams are also a high-level risk.