- GS-3:Science and Technology- developments and their applications and effects in everyday life.
Context: Non fungible tokens (NFTs) have, thanks to their ability to assign value to everything from art to music to a simple selfie, taken the world by storm.
- The sales of NFTs surged $25 billion in 2021 as the crypto asset exploded in popularity, fuelled by the rising interest of celebrities and tech evangelists.
- Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables, but plenty of sceptics fear they’re a bubble waiting to burst.
- Also, With the two most valuable cryptocurrencies, Bitcoin and Ethereum, hit hard in recent times, attention has returned to the newest type of crypto asset – NFTs.
Mains Practice Question – What are NFTs and what are the concerns associated with it?
Note: Write answers to this question in the comment section.