Non-fungible token (NFT) products are important for industrial applications.

In recent years, they have quickly become important in the blockchain field. NFTs are non-fungible tokens that tokenize each product sold, and are units on the blockchain's digital ledger. Each token represents unique digital data. As of early 2021, NFTs have become the first application of blockchain technology to achieve clear public prominence, granting tradable rights to digital assets such as images, music, videos and virtual creations.

NFT concept

NFTs have been growing gradually as many industries have started using NFTs creatively to increase opportunities for new business innovation in entrepreneurship. However, several studies have been conducted to analyze the advantages and disadvantages of different markets for NFTs and NFT product trends.

NFT transactions can ensure that ownership of digital assets is recorded in smart contracts on the blockchain. Therefore, NFTs are a form of currency used in trading on the Metaverse. Since the data of each token is unique, people have assurance with respect to products such as paintings, sound recordings and videos purchased on the internet. As a result of the gradual development of NFTs, many creators have begun to create new innovations in entrepreneurship through the creative process of creating NFTs. NFTs give artists and creators a better way to make a living while changing the way we buy, sell, and relate to art. One of the characteristics of NFTs is “non-homogeneity”, which provides buyers with unique digital data, a feature that gives people a guaranteed purchase of all products. Therefore, selling artwork is one of the most important aspects of NFTs, and different trading platforms such as OpenSea, OurSong, and Mintable have emerged on the market.

This platform provides a channel for sellers to protect their work and enable them to do what they do best.

NFT Features

NFT is a unique digital identifier based on blockchain technology.

Record/validate ownership and authenticity of digital assets.

NFT technology makes each item unique and irreplaceable. When a piece of data is traded in the blockchain world, it is available to everyone via a public ledger to tell them who bought the product, the price, and the source of the data. This information constitutes a “block” of several nodes. When many people add data to produce these blocks, it constitutes a “blockchain”. BinanceNFT

The use of blockchain technology makes each NFT a unique set of numbers that cannot be easily modified once recorded.

Thus, NFTs provide transparent and irreplaceable proof of transactions. NFTs are decentralized applications that enjoy the benefits of an open book containing seven attributes: verification, transparent execution, validity, tamper resistance, availability, atomicity, and tradeability. We discuss these attributes in this section.

Verification: NFT data and ownership can be publicly verified.

Transparent execution: NFT activities including mining, buying and selling are open and transparent. Availability: in an NFT system, the issuance of NFTs and the transactions involving them are always available for sale or purchase without interruption. Tamper resistance: NFT data is permanently archived once a transaction record is created, and transaction confirmations cannot be manipulated again. Usability: each NFT has the most up-to-date, user-friendly and clear ownership information. Atomicity: Transactional NFTs can be settled in atomic, consistent, isolated, and durable transactions, and NFTs can operate in the same co-execution state. Trading: each NFT and corresponding product can be exchanged and traded arbitrarily.

Atomic NFT is the standard for NFTs that can be exchanged across all compatible applications.

The Atomic NFT standard can be used to tokenize and create digital tokens to buy, sell, or auction through the marketplace. Users and developers can use networks like the Arweave network to store Atomic NFTs with their contracts and asset information (NFT tokens and metadata) together and make the data permanently available worldwide. Atomicity provides trading capabilities of every NFT and product suitable for arbitrary exchange and formal trading.

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