AN IN-DEPTH STUDY ON THE INCREASING USE OF BLOCK CHAIN TECHNOLOGY AND ARTIFICIAL INTELLIGENCE IN NON-FUNGIBLE TOKENS (NFTS) AND DIGITAL ART: ARE THESE THE NEW SPACE FOR EMERGING UNICORNS?

Abstract

This paper analyzed the increasing use of Blockchain Technology in the ownership of Non-Fungible Tokens (NFT) and Digital Art. It brings into perspective the advantages of Blockchain and Articial Intelligence (AI) in the realm of collectibles, like art, music, and virtual reality. As they are NFTs, they can neither be traded nor exchanged, unlike cryptocurrencies. This opens up opportunities for new-age companies like OpenSea and Magic Eden amongst others who have achieved the status of Unicorns. An attempt was made to understand the process through which such status was achieved.