Current Scenario of Non-Fungible Token Market

Abstract

This study examines the state of Non-Fungible Tokens (NFTs) in the
digital economy, with particular emphasis on underlying
technologies and how these relate to NFTs. It also talks about the
growth of the NFT market, trends and development, and key market
players. A study concluded that smart contracts and blockchain
technology, especially Ethereum, are essential to enabling
decentralised transactions and equitable exchanges without
middlemen. Prominent participants such as NBA Top Shot and
OpenSea add to the thriving NFT ecosystem by demonstrating
significant sales on platforms. Bollycoin and Jupiter Meta are two
platforms that give the Indian NFT market more diversity. A
significant increase in global sales volume highlights the
transformative potential of blockchain technology in changing the
dynamics of the global creative and entertainment industries as well
as how digital material is owned, marketed, and transferred.