Author:
Prof. Mohammed juned Shaikh Shabbir1 , Ganesh Dhakarke2 , Akshay Warkari3 , Mahesh Jagrut4 , Neha Pise5Published in
Journal of Science Technology and Research( Volume 6, Issue 1 )
Abstract
This paper investigates the growing impact of blockchain and NFTs in business, highlighting how Non-Fungible Tokens (NFTs) are redefining digital ownership and monetization. NFTs are unique digital assets stored on a blockchain and represent real-world or digital items such as artwork, music, gaming assets, or property. Unlike traditional, interchangeable cryptocurrencies, each NFT carries a distinct digital signature, ensuring authenticity and non-fungibility.
This unique identification empowers artists, musicians, and content creators to sell their work directly to consumers without relying on intermediaries like galleries or agencies. Moreover, smart contracts often include royalty clauses, allowing creators to earn a percentage of every resale—enhancing long-term income potential.
The paper examines the structure and utility of NFT marketplaces, which act as platforms for storing, trading, and issuing NFTs. These decentralized systems allow buyers and sellers to interact transparently using cryptocurrency. Blockchain’s inherent features—immutability, security, and peer-to-peer validation—make it ideal for handling such high-value digital transactions.
Despite the emerging nature of blockchain technology, its application through NFTs is already transforming the creative economy, offering scalability and global reach. NFTs also extend beyond art, impacting industries such as event ticketing, gaming, collectibles, and even real estate.
This study proposes that the NFT marketplace will serve as a central hub for various blockchain-based applications, offering new economic models for ownership and exchange. The synergy between NFTs, blockchain, and smart contracts presents a revolutionary shift in digital commerce.
Introduction
Non-Fungible Tokens (NFTs) are digital assets stored on a blockchain and controlled by smart contracts. Unlike traditional cryptocurrencies, each NFT is unique and cannot be exchanged on a one-to-one basis. Initially used in finance, blockchain’s transparent and decentralized nature now powers more advanced applications, including NFTs for art, music, games, and virtual assets.
NFTs represent verified ownership of rare items. These can be digital or physical assets, such as artwork, in-game items, or even real estate. Each NFT includes a unique identifier, proving its authenticity and ownership history. As a result, NFTs have become vital in areas where provenance and scarcity are crucial.
NFT marketplaces act as hubs for minting, storing, showcasing, and trading these tokens. Artists and creators can upload their digital work, convert it into NFTs, and offer it directly to a global audience. Buyers can then bid or buy instantly using cryptocurrency, ensuring transparency and security throughout the transaction.
By removing intermediaries, NFTs offer creators more control and income opportunities. They also ensure that creators continue to earn through resale royalties embedded in smart contracts. As blockchain and NFTs evolve, their role in the business world will likely expand, creating new digital economies and revenue streams.