NFT or Non-Fungible Token started in 2015 when the project named Etheria was launched and demonstrated. However, NFTs did not thrive until 2021. During this year, NFT has finally penetrated the mainstream. Over the past 12 months, this novel technology has evolved rapidly.
An NFT token is in the digital form and it’s a unique and non-interchangeable unit of data stored on a blockchain. NFT is used to assert ownership over a specific digital asset. These days, the most popular application of NFT is digital artwork. Through NFT, investors can now purchase photos or digital renderings of various paintings.
Furthermore, an NFT can also be applied to different categories such as music, video game items, trading cards and collectibles, sports highlights, memes and GIFs, domain names, virtual fashion, and online pop culture items like popular tweets or FB posts.
NFT are images launched on the blockchain and it is given the name NFT, Many people are participating in NFT engagement competitions and launching their NFT on blockchain, the best NFT creator will get some prize money from the company.
Aside from these categories, developers are also now trying to use NFT for COVID-19 vaccination passports. In fact, in July 2021, San Marino has adopted NFT vaccination passports. This digital asset incorporates the use the process of two QR codes to verify the vaccination record of the owner. By doing this, an immutable, secure, and seamless proof of vaccination status has been made possible.
NFT has also been widely used for online games such as Axie Infinity. Axie is the second-largest NFT based online game wherein players can earn money through cryptocurrency digital wallet.
This newly popularized technology may seem promising, but it also has vulnerabilities, just like any other technological innovation. Since NFT is a digital asset, it is often targeted by hackers. Digital wallets and cryptocurrencies are a gold mine for any criminal who can access them. Thankfully there is FIDO2 to prevent this from happening.
FIDO2 is a project designed to create a more robust verification system for users. Through FIDO2, businesses can safely follow the eKYC without sacrificing the security of their clients.
If you want to know more about this new secure, private authentication for the future – LoginID, you may want to continue reading further through this article brought to you by LoginID.
