Journal Press India®

Enactment of Blockchain in NFT

Vol 3 , Issue 2 , July - December 2023 | Pages: 114-132 | Research Paper  

https://doi.org/10.17492/computology.v3i2.2306


Author Details ( * ) denotes Corresponding author

1. * Sudeep Varshney, Associate Professor, Department of Computer Science & Engineering, Sharda School of Engineering and Technology, Sharda University, Greater Noida, Uttar Pradesh, India (sudeep149@gmail.com)
2. Amrit Suman, Assistant Professor, Department of Computer Science & Engineering, Sharda School of Engineering and Technology, Sharda University, Greater Noida, Uttar Pradesh, India (amrit.it@gmail.com)
3. Gunajn Varshney, Assistant Professor, Department of Electrical Engineering, JSS Academy of Technical Education, Noida, Uttar Pradesh, India (varshney.gauri@gmail.com)

Non-Fungible Tokens (NFTs) have arisen as a major term in the twenty-first century, signifying unique digital assets such as photographs, music, and movies. These tokens receive their value and legitimacy from blockchain technology, which is mostly used on the Ethereum platform. NFTs, which use smart contracts, enable the production, ownership, and trading of one-of-a-kind digital assets, revolutionizing sectors including as art, music, and gaming. While blockchain’s uses are broad, there are worries about the environmental effect of blockchain, notably Ethereum’s energy-intensive proof-of-work consensus. Despite their revolutionary potential, NFTs pose dangers connected to market instability, legal concerns, and technological weaknesses. NFT trading is enabled by a variety of third-party programmers and markets, with notable participants being OpenSea and MetaMask. Looking ahead, the future of NFTs in India is dependent on legislative changes, as the country sees an increase in interest in these digital assets among artists and producers, necessitating a balanced approach to encourage innovation while resolving possible difficulties. NFTs are a game changer in the digital economy, opening up new opportunities for producers and investors. However, environmental problems and regulatory uncertainties must be resolved in order for the NFT ecosystem to expand sustainably. Technological improvements, legislative reforms, and the continuous growth of blockchain technology will most likely influence the future of NFTs in India and throughout the world.

Keywords

Blockchain; NFT; Ethereum; Cryptocurrency; Digital Asset; Non-fungible Token

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