{"id":7057,"date":"2022-05-01T23:18:51","date_gmt":"2022-05-01T17:48:51","guid":{"rendered":"https:\/\/aayushbhaskar.com\/?p=7057"},"modified":"2022-05-02T01:22:16","modified_gmt":"2022-05-01T19:52:16","slug":"nfts-in-india","status":"publish","type":"post","link":"https:\/\/aayushbhaskar.com\/nfts-in-india\/","title":{"rendered":"Introduction to NFTs (For Indians)","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
NFTs, short for Non Fungible Tokens, took the Crypto world by storm in 2021. Many of you might have a lot of questions about them. Given the kind of valuations and trading profits that have been reported by this segment of the Crypto space, this is not surprising at all.<\/p>\n
Also, with the restrained acknowledgment of Crypto by the Indian Government<\/a>, it is understandable that you, as investors, would be looking for numerous ways to capitalize on this opportunity. This compelled me to write an introduction to NFTs for you.<\/p>\n Below I preemptively answer some of the questions you may have followed by some guidance on how best to approach this space.<\/p>\n If you are a novice to NFTs, this article is for you. If you know a lot about NFTs, I still encourage you to read through and maybe learn something new or benefit from my tips & advice.<\/p>\n Here goes then!<\/p>\n An NFT is a digital asset that carries a unique embedded signature. This signature makes NFTs verifiable for authenticity and trail of ownership.<\/p>\n This is because a record of that signature & subsequent transactions are stored on a blockchain.<\/p>\n Tokenization, in the Crypto world, refers to applications having an economic ecosystem being built around them. Every project or application has its token which is mostly limited in supply, has in app-utility, is exchangeable for other cryptocurrencies & completely homogenous.<\/p>\n To understand homogeneity, consider the example of $NAKA<\/a>, the token of the Nakamoto Games<\/a> ecosystem. Each $NAKA is the same as any other $NAKA. Just like a US $ 100 or INR 100 bill is like any other US $ 100 or INR 100 bill.<\/p>\n An NFT, on the other hand, does not have this homogeneity. Each NFT is unique which makes it rare. The exchange of one NFT for another NFT would not result in an equal exchange of value.<\/p>\n The reason is that no NFT is the same as another.<\/p>\nIntroduction to NFTs: The Basics<\/h2>\n
What is an NFT?<\/h3>\n
What is the Non-Fungible in NFTs?<\/h3>\n
What are examples of NFTs?<\/h3>\n