A STUDY ON THE DIGITALIZATION OF CURRENCIESCRYPTO CURRENCY VS NFTS

Abstract

The internet is one of the most influential inventions when we talk about digitization. At the ad mist of<br> this fast development of knowledge, Innovations and communication technologies, several activities in<br> everyone’s life are unified on-line and that they become more fascinated and practical towards it. An<br> enormous and huge growth in variety of on-line users has activated day by day where by it created a<br> replacement of business development and from investments to cash transfer, everything goes paperless in<br> our economy to facilitate these monetary activities like shopping, mercantilism and many more virtual<br> activities. The latest and most promising addition to the digital payment sector is crypto currency Money<br> started being ‘digitalized’. Crypto currency is a digitized or online rather an internet currency that uses<br> cryptography for security purposes. Likewise on the other hand, Non-fungible tokens (NFTs) are gaining<br> in popularity and are already extensively implemented but many of us aren’t aware about the same and its<br> implications or comparisons with respect to digital payments. It’s leading to a constant trend update in the<br> field of NFTs. For the usage or practical implementation of NFTs to progress or develop in an institutional<br> environment, the capacity or adaptability for using NFTs must be scrutinized in detail. Such a discovery<br> has surely added into or prompted a comprehensive examination of NFTs. The scope of this paper is<br> confined to the journal and the keywords “Block chain”, “Block-chain”, “Non-fungible Token”, and<br> “NFT” are used. This research examines the current state and development trends of NFT. In this paper<br> researchers tries to make out the user’s expectations of the future crypto currency leaning to the awareness<br> and perception towards the virtual cash implications, however technological innovations make jobs easier<br> and more beneficial. Besides this the paper aimed on its impact in India in terms of law and legislations<br> towards crypto currencies and its usage of this paperless cash in this current scenario.