Non-Fungible Token (NFT)

Subject – Economy

Context – NFTs gain traction with celebrities on board

Concept –

Led by celebrities that include Bollywood actors, designers and cricketers, nonfungible tokens, or NFTs, are slowly gaining traction in India.
Experts say the NFT market is still small and very niche in nature, but investor interest is definitely picking up.
At present, the NFT market is still very nascent and there are not enough collectors, comparing it to cryptocurrencies in 2013.
NFTs have various advantages for artists and celebrities. They provide an opportunity to monetise their online or digital content, which otherwise on social media, would have just generated likes or led to more followers.
- It provides royalty to the artist when the NFT is sold in the secondary market and also provides the authenticity of digital content.

To know about NFTs, please click here.