Non-fungible Tokens (NFTs) - Applications and Challenges: Investigating the applications and challenges of non-fungible tokens (NFTs) in digital art, gaming, collectibles, and intellectual property
Keywords:
NFTs, ownershipAbstract
Non-fungible tokens (NFTs) have garnered significant attention for their potential to revolutionize ownership and authenticity in the digital world. This paper explores the diverse applications and associated challenges of NFTs across various industries, including digital art, gaming, collectibles, and intellectual property. We begin by defining NFTs and highlighting their unique properties, such as indivisibility, verifiability, and scarcity. Subsequently, we delve into the applications of NFTs in each sector, showcasing real-world examples and discussing their impact. Furthermore, we analyze the challenges faced by NFTs, including scalability, interoperability, legal considerations, and environmental concerns. By examining these aspects, we aim to provide a comprehensive understanding of the current state and future potential of NFTs in the digital economy.
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