आईसीटी समाचार
The internet has changed dramatically since its inception due to technological advancements. The internet is always evolving and today, we can no longer imagine a world without the internet. Since the internet has become so integrated in our daily lives, it’s no surprise for us that Non-Fungible Tokens (NFTs) have recently gained a ton of buzz online in 2021, with the sales volumes increasing rapidly and at insanely high prices, indicating that people really place a high value on these items.
Is NFT a scam? Is it really worth the prices it's been selling for on the digital market? Before jumping into conclusions whether it's a scam, or if it's truly worth our money, or if it's just a hype? First, let's have a look at what NFT actually is?
NFTs (Non-Fungible Tokens) are a form of digital asset that serves as an online certificate of ownership and can be uniquely registered on Blockchain technology for anyone to see. Each NFT token is unique, and one token cannot be exchanged for another of the same type, thus fungible and non-fungible tokens are distinct from each other. Fungible tokens are the ones where one dollar may be exchanged for any other dollar and has the same value as another.
The ownership of digital assets such as images, videos, audios, video game items, and all other types of creative works on the internet is represented by the NFT. NFTs give digital artists more economic and creative power, accelerating the next phase of the internet's evolution.You may be surprised to know that the first ever tweet was "just putting up my twttr." by Twitter CEO Jack Dorsey on March 21, 2006 which was sold as NFT and is now worth $2.9 million.
Nyan Cat is another most popular NFT. When it was auctioned as an NFT, it was sold for 300 ETH. These are some of the popular examples of NFT in the world. If you search on the internet, you can get various such used cases and examples of NFT that are being purchased and sold in the digital space daily. People are uploading their content like images, videos which are being purchased and sold in the NFT marketplace and people are making millions of money through it.
Recently, eSatya , one of the Blockchain based companies in Nepal has conducted a meetup on the topic NFT. The meetup was supported by the Ethereum Foundation (Ecosystem Support Program), ASCOL IT Club, CSIT Association of Nepal, Prime IT Club, and Digital Notice. The speakers for the session were from India Mr. Mohd Shoaib (CEO and Co- Founder of Digital Notice Media labs) and Mr. Sandesh B. Suvarna (VP- WazirXNFT Marketplace). They talked about NFT and its current scenario in the world.
As per Mr. Mohd Shoaib - “We’ve witnessed only a few forms of NFTs; perhaps in the future, we'll see a lot more. We are in the early stages of NFTs, so if you are getting involved now, it will be a tremendous benefit to you all in the future, because NFTs will be a huge field in the future, especially when it comes to the Metaverse and gaming industries. NFTs are definitely going to rule the world.”
NFT will surely change the internet as we know it today in the coming decade. Recently, CARE Package NFT Project has delivered urgent humanitarian aid to Afghan families in need. A single "CARE Package for Afghanistan" NFT edition was sold to crypto users for 0.03 ETH.
As we can see the world is currently towards adopting this new way of doing transactions in the virtual world. In Nepal, Rahat is one of the relief distribution platforms i.e. using NFT for creating a social impact. Similar to CARE , in the context of Nepal, Rahat is also stepping towards using the NFT Module to distribute the packages to the needy people. Rahat has integrated the NFT Module as a package in its ecosystem. Each NFT token represents a commodity (or a group of commodities) that will be distributed to beneficiaries.
Rahat NFT Module
If we look at NFT in the Rahat ecosystem, they are representing it as a package. Aid agencies can create a package/NFT that represents aid material or a group of aid material to be distributed to beneficiaries. Then the aid agency or social mobilizer will issue the package to beneficiaries using their respective application. Similarly, Vendors have an option to charge packages along with Token to the beneficiaries. This will depend totally on beneficiaries. With the implementation of NFT in Rahat, they are trying to eliminate confusion between agencies and vendors by representing aid materials in terms of a package/NFT in their platform.
NFTs are no longer limited to works of art, images, videos, or audios that may be purchased online. Actually, it has evolved into much more than simply art. The next generation of internet pioneers has already begun to use NFTs, as property rights are also now embedded in the code. Today, virtual land and properties are also being auctioned. As the world is moving towards NFT, we can't stay away from the technology that is going to build the future of the internet tomorrow. So, the NFT module can be implemented by the companies in Nepal without using the cryptocurrencies to stay up to date in today's global market.
