NFT — A Bubble or NBT (Next Big Thing)?

I still remember my Database Management Systems, Professor Dr. J was teaching us about blockchain & hashing and its implementation on a very simple aspect of life — Signing a contract. Hashing is a process by which we can make any written text unique by converting each text and spacing as a key combination. What it will do? Next time when you change anything in the document even a simple comma or full stop, the key value will change. Hence making data (or here text) very secure. Can it be a new trend in the legal system? Hashing each document — yes it can be and it might be already in effect.

But what makes NFT so special and mind-boggling at the same time? First, let’s get to the full form of NFT — Non-Fungible Token. Now, what does this mean in laymen's terms?

Let’s assume you have a nice painting that you made by yourself and you want to make it exclusive, you created a “Token” that is unique to that painting that makes it unique in the world. Now with NFT, this token is still unique but you can make multiple copies of that painting but it won’t be unique as it is not attached with a defined “Token”.

NFT is a digital asset that can be linked to the world of arts, music, or let’s say “things”. NFT is built on the same concepts of cryptocurrency but it is different as cryptocurrency can be standardized as one bitcoin can be represented as one unit of dollars but one NFT can be completely different than another NFT. Now with the hype, since November 2017, a staggering $174 Million dollars…