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Imagine your Aadhaar Card as an NFT!! Could it be even possible?
NFTs or non-fungible tokens have gained quite a big name for themselves and a craze for investment that now lies much more than just a FAD investment. The main USP of NFTs is the uniqueness that it comes with. Each NFT stands unique and cannot be replaced by another NFT. Which prevails in the case of bitcoin.
According to Investopedia, for any asset to fulfill the requirement of a currency, it needs to satisfy certain conditions which include an acceptable form of payment, tangibility, uniform acceptability, and store of value. Cryptocurrencies tend to fulfill these requirements except by being tangible and having backing from another asset.
Now when we look at NFTs through the same parameters, it tends to weaken out. Yet there are many strong positives of NFT too!!. NFTs have provided a real boost to the art industry, making a way to not just showcase artwork to the world, but keep it non-fungible at the same time. This remarkable technology has just proven its way into the art industry.
NFTs with the same concept are lifesavers for governments as well. Since the information can be stored on a public or private blockchain, this has helped various governments in making their public information visible on NFTs.
As governments now rely even more on the software industry, NFTs can be huge in the software industry. With pirated versions of every software being readily available, the ability to save data related to codes and other integral information could be saved on NFTs.
NFTs still require certain up working in their architecture that qualifies them for the next step. The step that makes NFTs enter the mainstream Financial road of a nation. Where governments readily use these non-fungible tokens to not just promote art, but maybe in the future issue documents as common as Driving licenses.