So NFT stands for non-fungible token. Well, non-fungible means it’s unique and cannot be replaced. A Bitcoin is fungible since you can exchange it for another Bitcoin. But you cannot do the same to an NFT. At a very high level, most NFTs are a part of the Etherium Blockchain. NFTs can be anything digital including digital art, music, and a particular code. However, the majority of the current excitement is around using blockchain technology to sell digital art.
Many claims that owning an NFT digital art is stupid since you can right-click the picture and save it. But NFTs are designed to provide you with something that cannot be copied: ownership of the work (despite the artist may still retain the copyright and reproduction rights, just like with physical artwork). If you put it in comparison with 0hyaical art collecting; anyone can buy a Monet print. But only one person can own the original.
Also, the NFTs are making communities with the particular NFT owners and creating private club-like networks where NFTs are the buy-in for the membership. The Pudgy Penguins club, the Bored Ape Yacht club, and the CryptoPunks are classic examples of the above.
So, we hope you got a basic idea of what Blockchains, Cryptocurrency and NFTs are and what they do in the tech world. We as HCL constantly keep our tech knowledge updated, facilitate trying out new and emerging techs and offer comprehensive services to clients and upskills our developers, and currently our global analytic teams are showing interest in further investigating the usage of the NFTs, cryptocurrency and blockchain in enhancing our services.
Check out The Rise of Blockchain-Fueled Data Security | HCL Blogs (hcltech.com) to understand how HCL is adapting block chain to strengthen data security.