Home  /  Daily Current Affairs  /  27-10-2021 / Non-Fungible Token

Non-Fungible Token

Posted on October 27, 2021 by admin1  52

In News

  • The term NFT (Non-Fungible Token) is often heard in the news. 

What is a Non-Fungible Token?

  • It is a digital asset that represents real-world objects like art, music, in-game items and videos. 
  • They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
  • It was first created by inventors in 2014 and named ‘” monetized graphics”.
  • The key difference between cryptocurrency and NFT is that cryptocurrency is fungible. One can trade a Bitcoin for another Bitcoin but cannot do so for an NFT.

What are Cryptocurrencies?

  • Cryptocurrencies are “a stateless digital currency” in which encryption techniques are used for trading and these ‘currencies’ operate independently of a Central bank like the RBI, “rendering it immune from government interference”.

Source: ET

 
Previous article Queen Heo Hwang-ok of Korea and her Ayodhya connection
Next article Economic Advisory Council to the Prime Minister (EAC-PM)

Other News of the Day

In News  The Government of India and the Asian Development Bank signed a $4.5 million project readiness financing (PRF) loan. About  The PRF supports the development of long-term solutions to improve urban mobility in Aizawl by identifying high-priority urban transport investments for the ensuing project and enhancing its readiness by supporting due diligence and other...
Read More

In News  Recently, the Bush frogs have been identified as cardamom-friendly which helps in killing moths that are known to destroy cardamom’s pseudostem, a major menace faced by farmers.  About  Scientific Name: Raorchestes ponmudi. It is a species of frog in the Rhacophoridae family. Life Cycle: The bush frog’s life cycle is entirely different unlike...
Read More

In News  Drought fueled by climate change has dropped Lake Tahoe below its natural rim and halted flows into the Truckee River. About  Scientists are concerned that the growing frequency of low-water extremes may become the new normal.  They point to seasonal shifts in weather patterns causing precipitation  Over the past century, the amount of...
Read More

In News  In the Gorongosa National Park, evolutionary trends were witnessed which led to the more tuskless female elephants. Key Points During the Mozambican Civil War (1977-1992), the elephant population in the east African country fell by 90 per cent due to poaching for the thriving ivory trade. As the population recovered, naturally tuskless female...
Read More

In News Recently, the J&K police lodged two FIRs under the Unlawful Activities Prevention Act (UAPA) against medical students. About It was done after multiple videos allegedly showed students of two medical colleges in Srinagar celebrating the Pakistan cricket team’s victory over India in the T20 World Cup. The cases have been filed under Section...
Read More

In News  The latest form of the National Population Register (NPR) appears to have retained contentious questions such as “mother tongue, place of birth of father and mother and last place of residence” according to a document compiled by a committee under the Registrar General of India. About  The new questions were part of a...
Read More

In News  Recently the Minister of Commerce has reviewed the Open Network for Digital Commerce. This initiative is seen as a step towards ending the dominance of platforms such as Amazon and Flipkart.  These platforms have been accused by the minister of wielding monopoly power and breaking the law. Open Network for Digital Commerce (ONDC)...
Read More

In News  Recently, the Telangana government has decided to move landless, non-tribal farmers engaged in shifting cultivation (‘Podu’ ) inside forests to peripheral areas as it looks to combat deforestation.  About the ‘Podu’ Land Issue Podu lands are the lands tilled by tribal people in forests. Telangana government has red-flagged encroachment of forests by non-tribals,...
Read More

In News According to a study, even enhanced Nationally Determined Contributions are not nearly enough to limit global temperature rise to 1.5°C.   Image Courtesy: DTE   Paris Agreement Goals:  The agreement stated that NDCs would work to achieve the goal of keeping global temperature rise this century to well below 2°C above the pre-industrial...
Read More