Topic: Awareness in the fields of IT, Space, Computers, robotics, Nano-technology, biotechnology and issues relating to intellectual property rights.
4. What is a non-fungible token (NFT)? Explain the technology behind the working of NFTs and its applications. (250 words)
Difficulty level: Moderate
Reference: Live Mint , Insights on India
Why the question:
NFTs are gaining massive popularity now because they are becoming an increasingly popular way to showcase and sell your digital artwork.
Key Demand of the question:
To write about NFTs, technology they function on and its applications.
Explain – Clarify the topic by giving a detailed account as to how and why it occurred, or what is the context. You must be defining key terms wherever appropriate and substantiate with relevant associated facts.
Structure of the answer:
Begin by defining NFTs.
First, explain the technology behind the functioning of NFTs – it is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody, and require few or no coding skills to create.
Next, write about the applications of NFTs – Digital art, Games, Music, Film etc.
Conclude by writing a way forward to overcome limitations.