Non-Fungible Tokens
Review all of the new disruptive technologies that you know, and take this opportunity to learn more about a technology that interests you!
In your report, you must discuss the following topics as related to the technology that you are researching:
1. A description of the technology, including:
o what it is, what it does, and a simple explanation of how it works
o a brief history
o what it promises to deliver to its consumers/users, i.e. the vision of the technology when it is fully realized.
2. The current state of the technology as opposed to its envisioned state, including current limitations, barriers etc.
3. What potential impacts does the technology have on consumers?
4. What potential impacts does the technology have on businesses?
5. Discuss a potential application of this technology that you believe will be the most disruptive to business or will have the most impact on society. Explain and support your selection
o Non-Fungible Tokens
1. Based on your current understanding of NFTs, do you believe they are fake, fantastic or the future. I.e. please give your opinion regarding the future of NFTs. Provide substantive evidence to back up your position.
Sample Solution
Non-fungible tokens (NFTs) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent real-world items like artwork and real estate. “Tokenizing” these real-world tangible assets makes buying, selling, and trading more efficient while reducing the probability of fraud. Because they hold a value primarily set by the market and demand, they can be bought and sold just like other physical type of art. NFTs` unique data makes it easy to verify and validate their ownership and the transfer of tokens between owners. The first NFTs are not the PFP collections associated with today`s popular ones. Instead, NFTs were small portions of Bitcoins called Colored Coins, used to represent the ownership of different kinds of real-world assets.
