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NFTs: Transforming Digital Ownership in the Web 3 Era

NFTs: Transforming Digital Ownership in the Web 3 Era
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Author(s): Pankaj Bhambri (Guru Nanak Dev Engineering College, Ludhiana, India)
Copyright: 2024
Pages: 17
Source title: Decentralizing the Online Experience With Web3 Technologies
Source Author(s)/Editor(s): Dina Darwish (Ahram Canadian University, Egypt)
DOI: 10.4018/979-8-3693-1532-3.ch007


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This chapter delves into the revolutionary landscape of non-fungible tokens (NFTs) and their profound impact on reshaping digital ownership within the framework of Web 3 technologies. NFTs have emerged as a unique form of digital asset, utilizing blockchain technology to certify and authenticate ownership of digital content, be it art, music, virtual real estate, or other digital assets. The chapter provides a comprehensive exploration of the underlying technology that powers NFTs, elucidating the role of smart contracts and decentralized ledgers in ensuring the scarcity and provenance of these digital assets. The chapter further delves into the economic and cultural implications of the NFT phenomenon, examining the way in which these tokens have disrupted traditional models of intellectual property and content monetization. It explores the democratizing potential of NFTs, allowing creators to directly engage with their audiences and enabling new forms of digital expression.

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