THE REVOLUTION OF NFT

By – Hakumat Singh
Bachelors of Science ( Actuarial Science)
Amity School Of Insurance And Banking , Noida
 DECLARATION
I here by proclaim that the project submitted titled as “ The Revolution Of
Nfts” submitted by me to ASIBAS is a evidence of my authentic work under
the guidance of Mr Kamal Gulati
The project report submitted here will not be submitted to any other institution
or published before for any sorts of achievement of degree , diploma , or
fellowship.
 CERTIFICATE

This is to certify that content of the project “The Revolution Of Nfts” is bona-fide
work Mr Hakumat Singh submitted to
Mr Kamal Gulati for fulfillment of requirement of NTCC project.

The original research work was carried out under supervision of Mr Kamal Gulati
in academic year 2022. On the basis of declaration made by him. I recommend
this project for further valuation
 ACKNOWLEDGEMENT
History has witnessed that no piece of excellent work was ever accomplished
without either passive or active support of a person. I am highly grateful to our
such a skilled and supportive faculty Mr Kamal Gulati without whom this
project would not been possible. Last but not the least I would love to extend a
gesture of thankfulness to my fellow mates who were equally helpful.
 TABLE OF CONTENTS
1. Cover Page ……………………………………………….
2. Declaration ……………………………………………….
3. Certificate…………………………...................................
4. Acknowledgement………………………….....................
5. Executive summary………………………………………
6. What are Nfts…………..…………………………………
7. Technical components of Nfts……………………………
8. Idle properties of Nfts…………………………………….
9. Various Types of Nfts……………………………………
10 .Nft Marketplaces……………………………………….
11. Fungible Token Vs Fungible Token……………………
12. Risks & challenges associated with Nfts……………….
13. Statistical analysis……………………………………..
14. Trend Analysis………………………………………..
15. Correlation between Covid 19 and NFT Marketplace..
16. Opportunities for growth……………………………..
17. Nfts & Future of Art………………………………….
18. Obstacles to mass adoption…………………………...
19. Role Of Nfts in Metaverse……………………………
20. Recent Developments of Nfts in India………………..
21. 2022 & Growth of Nfts………………………………
22 Future Prospects………………………………………
 EXECUTIVE SUMMARY

NFTs (Non Fungible Tokens) are digital assets that symbolize assets such as art,
valuable items, and in-game items. They are usually stored in smart contracts on
the blockchain and are traded over the internet primarily using Bitcoin. Public
interest in NFTs surged in 2021. NFTs are part of the data that is inserted into the
blockchain system, proving the uniqueness, or incompatibilities, of digital assets
and providing their own digital ownership certificate. In addition, NFTs provide
the reliability of virtual items by seeking and providing irrefutable answers to
questions. B. Who owns, owns, develops the NFT, and which of the many copies is
genuine? NFTs can be associated with various virtual items such as photos, movies
and audio. In a variety of applications such as art, games and sports souvenirs,
NFTs are currently being implemented to sell digital products. NFTs were
originally part of the Ethereum blockchain, but now more and more blockchains
are implementing their own versions of NFT4. Nevertheless, the NFT environment
is still in its infancy and NFT technology continues to grow. New entrants can be
confused by rapid growth due to the lack of comprehensive explanations.
 WHAT ARE NFTS ?
Nfts or non fungible tokens in most simplest words are unique data which is
stored on blockchain. There are various types of data associated with nft’s such
as videos , digital art etc. Nfts have a unique property of non -
interchangeability which makes it distinct, meaning it cannot be exchanged for
another nfts. Beign more specific, a creator can simply verify the possession
and ownership of virtual assets in various form such as films, photographs,
arts, event tickets, and so on by leveraging NFTs on smart contracts.
Explaining further a creator can be paid in royalties when any kind of trade
happens on blockchain.
Nowadays nfts are gaining worldwide popularity from both industrial and
scientific communities. There is also huge leap in nft market as compared to
cryptocurrency market. The average trade volume of nfts was reported to be 4,
592, 146, 914 USD as compared to 341, 017, 001, 809 USD of cryptocurrency
market. Liquidity of nft related solution market is account to be 1.3% of total
crypto market. Early investors have benefitted a lot by receiving huge capital
gains by selling art pieces , videos , memorabilia etc .Further more number of
active wallets are increasing at a swift rate. Interestingly nfts sales were
expected to be 12 million in 2020 but it surpassed this figure to be 340 million
in February 2021. Due to this hype and insane growth nfts are also called
“Future of digital assets”.
Cryptopunks is one of the earliest nfts which have been traded on Ethereum.
Cryptopunks have successfully produced 10,000 collectible punks.
Cryptokitties is pioneer of nfts as it was first to be listed as nfts in 2017
 TECHNICAL COMPONENTS OF Nfts

This section describes the technical components that make up the nft
framework.
• Blockchain - Blockchain is characterized as a decentralized, connection-
only database that keeps track of a list of records that are connected and
protected by cryptographic protocols. Blockchain provides a solution to the
long-standing Byzantine dilemma brought about by an extensive network of
unreliable individuals. Any changes to the recorded data will invalidate all
subsequent data, so the released data will be immutable on the blockchain
when validated on most distributed nodes. Ethereum
is the most widely used blockchain platform in the NFT scheme and
provides a secure environment for running smart contracts.

• Smart contracts Smart contracts are basically blockchain-managed

programs that work when certain conditions are met. These are typically
used to automate the implementation of contracts, giving all parties
immediate confidence in the results, without wasting mediators or time. You
can also automate your workflow and start the next step when a particular
situation is met. A simple "if / when ... then ..." line encoded in code on the
blockchain is used to make smart contracts work. Once the predefined
conditions are met and verified, the implementation runs over the computer
network. This means that the transaction cannot be modified and the results
will only be visible to authorized persons.
• Data Encoding The process of transferring data from one form to another
is called encoding. Many files are usually converted to an efficient
compressed format to save disk space or to an uncompressed format for high
quality / resolution.
 Ethereum Contracts
ERC 721
Standard The ERC721 token standard is the most basic and widely used
NFT standard and specifies tokens with unique properties. The ERC721
standard is essentially an Ethereum Solidity interface definition (more
specifically, a set of required and optional interfaces, Table X). The interface
does not define how the feature is implemented, but only what the feature
needs to be implemented. This leaves a lot of room for different
implementations and business logic. The following feature categories are
decisive. Transferring a token from one owner to another is the subject of
the basic functionality of the token.
The token information function focuses on extracting different types of data
from the token itself.
2 types of information are available. On the one hand, there are inquiries
about token owners, the number of tokens they own, the number of tokens
allowed to be transferred, the total number of tokens, and so on. On the other
hand, each NFT token has metadata information. Blockchain tokens are
linked via metadata to digital or real entities outside the blockchain.
Metadata is represented via a URI that points to a sophisticated JSON file
that describes the nature of the thing and how the NFT token represents it.
JSON files are not stored in the blockchain itself. Instead, it is stored on a
centralized or distributed storage system.

ERC-1155 Standard
The ERC1155 standard expands the functionality and business
logic by allowing not only individual identifiable tokens but also
sets of tokens to be deployed. The ERC1155 is a worldwide
standard that was developed in 2018. To put it another way,
deployments can support any type of token, including fungible,
semifungible, and nonfungible tokens. Additionally, the standard
can mint current tokens into new ones for future usage. Enjin, a
blockchain firm, launched ERC1155 with the intention of using it
mostly in gaming. Unlike other token standards such as ERC20
and ERC721, the ERC1155 attempts to address some of the issues
posed by these standards. Unlike ERC20, ERC1155 does not
require you to deploy a new smart contract for each token.
Various NFT tokens are represented by simple integers within the
ERC721 token and are linked to information outside the
blockchain via metadata URIs and JSON files.
For ERC1155, each token can contain many parts that are
indistinguishable from each other in a given category (see Figure
K, where each token ID contains a group of tokens of different
colors).

ERC 988 Standard -

Active current research is underway both inside and outside the
open source Ethereum developer community, and in addition to the
two basic Ethereum tokens mentioned above, there are some
interesting examples.
Ethereum's governance takes place off-chain with a variety of
stakeholders involved. Stakeholders include Etherholders,
application users, developers, node operators, EIP authors, minor /
validators, and core protocol developers. The ERC998 standard,
which creates a configurable and non-substitutable token 8, is a
possible option. Configurable tokens may also include additional
NFT tokens that will be exchanged as bundles in the future.
ERC998 Standard 8 The ERC998 Token Standard is an extension
of the ERC721 standard and can bundle tokens issued under the
ERC20 standard (substitutable) and the ERC721 standard (non-
substitutable) together. The list or tree of tokens basically creates a
new token and the underlying assets are linked by ownership.
Another example of the
configurable token standard can be found in the gaming industry.
Similar to role-playing games, intangible tokens can represent a
character in the game, and all items (shields or swords) of the
character are represented as additional NFT tokens. This standard
attempts to anticipate problems that may occur during operation by
providing explicit transmission parameters. The exchange requires
an owner definition in the parameter. To avoid unexpected results,
you need to clearly state "from" and "to". In a configurable
contract between three users, the last user may have two tokens
instead of one, which can lead to unintended occurrences.
 Idle properties of Nfts

Due to their decentralized nature they enjoy certain properties which are
given below
• Verifiability -The NFT, together with its token information and
ownership, may be verified publicly.
• Execution -Execution that is transparent. The minting, selling, and
purchasing actions of NFTs are all open to the public. • Accessibility The
NFT system is unaffected by power outages. Alternatively, you may always
sell and acquire all of the tokens and issued NFTs.
• Tamper resistance- Once the transactions are declared confirmed, the NFT
metadata and trade records are permanently preserved and cannot be
changed.
• Convenience -Every NFT includes the most UpToDate ownership
information that is both user friendly and information nrich. • Tradability
The ability to trade. NFTs and their accompanying goods can be traded and
swapped at will.
• Atomicity- The concept of atomicity states that a single atomic, consistent,
isolated, and durable (ACID) transaction could be used to trade NFTs. The
NFTs can all be in the same operational state at that time.
• Ownership -Another important NFT element is ownership, which is related
to possession. One of the elements in the NFT attribute subtext is NFT
ownership. NFTs cannot be split. That is, an NFT can only belong to one
person. NFTs, on the other hand, are unique and belong to one person.
However, when considering the quality of NFTs, you should also consider
usage and ownership considerations.
• Rarity - Shortage or rarity of non-substitutable tokens is the last and most
important mention of the characteristics of non-substitutable tokens. One of
the basic concepts that determines the value of an NFT is uniqueness. As a
result, NFT developers can create a large number of NFTs, but be aware that
they will maintain a shortage.
 Different types of NFT
One of the most common entries for non-fungible tokens is –
. • Collectibles Creating cryptokitties that can be collected online is the most
prominent example of an NFT. CryptoKitties is certainly the first example of
people adopting NFTs. CryptoKitties is one of the most notable entries in the list of
non-fungible tokens in the digital collectible space. They are basically virtual
kittens with unique characteristics that are more famous and attractive than other
kittens. • Artwork Another popular option for NFTs is artwork. The most popular
type of non-fungible token in this space is programmed art, which is a rare blend of
creativity and technology. Many limited edition artworks are currently in
circulation and may be programmable in certain situations. Artists can benefit from
using Oracle and smart contracts to create visuals that are rendered on the
blockchain network. The heritage industry is also encouraged to participate in
Digital Art NFTs.
• Media and Music Music and Media are also experimenting with NFTs, leading
to the creation of new categories of NFTs. Music and media files can be
associated with NFTs to allow legitimate owners access to those files. Rarible and
Mintbase are two popular platforms that help artists stamp tracks as NFTs.
• Memes – Memes are now also associated with NFTs and participate in pop
culture, driving meme NFT sales growth. • Gambling The gambling industry uses
the most common types of non-fungible tokens to represent in-game objects.
NFTs have created a lot of excitement among game designers. They provide the
ability to record ownership of in-game objects and enable the prosperity of the in-
game market. Most importantly, NFTs in the video gaming industry are focused on
providing a variety of benefits to players.
• Real-world assets Not many NFT types can be used as real-world tokens, but
advances in NFT space make this possible.
 Nft Marketplaces
By analyzing data from the data aggregator dappradar.com, we identified the next
most popular NFT market when measured with two metrics. The number of wallets
used in the market and the total amount in US dollars. This study considers the
five most important markets. Available in both Ethereum and Polygon blockchain
networks, the OpenSea- It is the most popular, but there are significant differences.
The first peer-to-peer NFT marketplace is OpenSea. In August, OpenSea recorded
a turnover of US $ 3.4 billion with over 2 million transactions. This site charges
sellers a 2.5% commission and accepts three currencies. Two types of sales are
supported: timed auctions and fixed price sales.
Rarible - It levies a five percentage rate on each the vendor and the consumer of a
transaction. A Decentralised Autonomous Organisation owns Rarible on behalf of
the community. It accepts some greater currencies than OpenSea and has its
personal platform currency, the $RARI. Rarible gives types of sales: auctions and
set pricing. Rarible has been around the year 2020.
SuperRare - SuperRare is ranked 3rd in the marketplace rankings. Compared to the
previous two, it is curated more aggressively with an emphasis on strengthening
and promoting crypto art. It's more than just a market. Instead, they work closely
with the artist and require approval before releasing the list. they charge the seller a
15% commission and only accept $ ETH as the payment currency. Timed
auctions, fixed price bids and open bids are all supported. Currently, it only
supports some file types with a maximum file size of 50MB. Digital art is a major
supported category. SuperRare has been in operation since 2018.
Foundation - Foundation is ranked fourth among NFT markets. It charges sellers a
15% transaction fee and takes $ETH as the primary currency. It has its own selling
methodology, which needs a reserve price to be fulfilled before a 24hour auction
can take place. The amount of files that may be supported is quite limited, with a
maximum of 50MB. The marketplace is mostly for fine digital art listings, with a
focus on crypto art. The marketplace has been in operation since 2020.
The Tezos blockchain hicenunc is the 7th most important NFT market. Charge the
trader a 5% commission and use $ XTZ as the currency for your website. Only
allow fixed price sales and limit the size of files sold to 40MB. High quality digital
art, antiques, trading cards and photographs are particularly successful on the
market.
 Fungible Token Vs Fungible Token
Non-Fungible Token Fungible Token

Because each token represents Fungible tokens are easily

a unique value, non-fungible replaced, but there is no added
tokens are not value in doing so.
interchangeable.

The value of the one-of-a-kind The quantity of tokens in a

asset represented by NFT is person's possession
useful in transferring value. determines the value transfer.

They cannot be divided and Fungible tokens can be

only exists as one whole unit separated, and the smaller
pieces can be used to help
repay back bigger payments.

They depend on ERC – 20 They depend on ERC- 721

standard. standard.
 Risks & challenges associated with Nfts

• Non-fungible tokens are used in a variety of industries, including music,

domain names, art, and real estate. NFTs have the potential to grow in the
future, but it is wise to analyze potential NFT threats. The current section
provides a comprehensive overview of the risks and challenges associated
with NFTs to help you better understand them. • Legal issues NFTs have no
clear definition and can be used to describe a wide range of assets based
solely on specific characteristics. For example, NFTs are unique,
incompatible, and non-substitutable. However, there are some regulatory
approaches to NFTs that are worth mentioning. In Europe, the
Cryptocurrency Market (MICA) regulations proposed by the European
Commission may create a regulatory framework for NFTs. Under FCA
rules, NFTs may be exempt from UK subsidies due to the idea of eligibility
for crypto assets. In these regulatory environments, NFTs are certified as
money tokens, security tokens, or unregulated tokens, depending on their
characteristics. NFTs are not considered legal tender in Singapore. In
addition, they may fall into the "Limited Use Digital Payment Tokens"
category and are exempt from PSA restrictions. • Intellectual Property
Rights Intellectual property concerns are the next key item in the NFT's list
of risks and barriers. It is important to assess an individual's ownership of a
particular NFT. Before making a purchase, it is important to determine if the
provider really owns an NFT. There are examples of someone shooting an
NFT or embossing a duplicate of an NFT. Therefore, when you purchase an
NFT, you only get the right to use the NFT, not the intellectual property
rights. The underlying smart contract metadata contains the conditions for
owning an NFT.
• Cyber Risk Coupled with the growth of the digital world, the exponential
growth of NFT popularity has created significant cybersecurity and fraud
issues. NFTs look like legitimate NFT stores and utilize replica stores that
use the same logo and content. Fake NFT shops are another major challenge
related to NFT-related risks and challenges in cybersecurity. Fake NFT
transactions may sell NFTs that did not exist. Buyers should also be aware
of the risks associated with artist identity and counterfeit NFTs. Some
 dubious characters can impersonate famous NFT artists and sell fake NFTs
on their behalf.
• Challenges in nft evaluation Ambiguity in determining the value of
unacceptable tokens is another important addition to the risk and problem
groups of unacceptable tokens. Lack of NFTs, owner and buyer views, and
accessibility of distribution networks all affect NFT ratings. It is very
difficult to predict who will be the next buyer of an NFT, or what factors
will influence their decision. Therefore, the price of an NFT is largely
determined by how the buyer interprets the price.
• High Gas Prices - This is the fee that users must pay for the service. Any
transactions they conduct on a blockchain network will be recorded. The
cost of gas rises as the network becomes more congested. This is a serious
issue for the NFT exchanges because It is no longer possible to mint a
collection of NFT. This charge is charged as part of every blockchain
transaction computing and storage resources are required. In the first quarter
of 2021, the dollar value of Ethereum Network Transactions reached 1.5
trillion, which is higher than the previous seven quarters combined.
Transaction numbers peaked at 1.7 million in the second quarter of 2021.
Due to the surge in demand, Ethereum's mainnet is experiencing severe
network congestion, resulting in significant increases in trading gas prices.
There is a dilemma between the founders of the NFT and Minter. This is
because Ethereum is one of the most popular alternatives for establishing
NFTs. Contracts under the ERC721 standard already require a large amount
of gas to be paid to the grid. Adding the soaring costs of gas and the price of
ether, it's not uncommon for developers to pay more than $ 300 to develop
and tokenize contracts. For new users, such high costs can be a deterrent.
Several creative alternatives have been presented and accepted to reduce
charges. The term "lazy minting" was coined by OpenSea. Tokens are only
generated on the chain after the first transaction is completed with lazy
minting.
• Anonymity - The majority of NFT projects are now built on Ethereum,
Flow, and Tezos, which do not offer complete anonymity to their users.
They provide pseudo-anonymity by making every transaction of every
wallet address, including wallet balances, public to anybody. Bad actors,
such as hackers, might exploit this information to get access to some of these
wallets. Though solutions like as zero-knowledge proofs and multi-party
 signatures have been created, most of these blockchains have yet to adopt
them.
• Carbon Footprints - We live in a period when environmental damage and
energy crises are two of the most pressing issues confronting our world.
Using computing resources to safeguard our digital art isn't considered as a
priority in this environment, and it's even criticized for adding to our carbon
footprint. NFT growth has been criticized by many top tech companies for
its environmental impact on environmental regulators. Several artists who
have adopted these NFTs as a means of exhibiting and selling their work are
now choosing to abandon them. They either canceled the planned artwork or
chose other eco-friendly options. In the wrath of the community, the artist's
digital marketplace, Art Station, has canceled plans for the NFT
marketplace. French digital artist Joanie Lemercier has canceled the sale of
six planned works after calculating the associated energy costs. She
calculated that the deal would waste enough energy to run his studio in just
10 seconds for the next two years. Some supporters argue that NFT
developers are not responsible for pollution. They believe that Ethereum's
Jaguar Note will continue to move with and without NFTs, and miners will
consume the same amount of energy. On the other hand, some argue that the
participation of various authors in the NFT frenzy creates a lot of traffic on
the network.
• Processing Time - When minting or trading NFTs, transactions are
processed through a smart contract, which includes contact with the
blockchain, which presently has a low transaction per second, making
processing time-consuming and resulting in a poor user experience. Some
modern Proof of Stake (PoS) blockchains, such as Algorand, have mitigated
this problem to some extent, but there is still a long way to go
It is certain that the field of NFTs faces a wide spectrum of dangers and
problems. Because it is a new area, resolving non-fungible token risks and
issues will aid its development. The identification of many dangers and
problems with real-world consequences emphasizes the seriousness of each
issue. Furthermore, having a clear picture of the consequences of each risk
and issue might aid in the discovery of alternative solutions. As the globe
becomes more accessible to NFTs, it's critical to have a consistent regulatory
architecture, tailored AML and CFT norms, and safe platforms for NFT
development and exchange.
Money Laundering & Nfts
The non-fungible token sector saw a lot of activity last year, but there are
concerns about money laundering and tax evasion. The digital artwork sold for
€ 61.6 million in 2021 making it the most expensive digital artwork ever sold.
Beeple's article "Everydays: The First 5000 Days" was cited as one of the most
important signals of success and acceptance in the history of NFTs and digital
art. However, observers pointed out that understanding value can be very
difficult if it is unique. And this can have a significant impact on taxation and
the flow of funds, and can even be used as a new and more effective method of
money laundering. NFTs, by their very nature, do not require physical storage
due to their digital nature. In addition, most of the largest NFT platforms have
minimal or no KYC requirements. NFT markets such as OpenSea, Rarible and
SuperRare are good places to hide the money of malicious people. These
platforms connect buyers and sellers who trade directly, such as auction houses
and art dealers. The largest of these, OpenSea, uses Ethereum wallets to
identify customers and does not require any other information before allowing
NFT "private sales" of digital assets Bitcoin. NFTs may be somewhat
complicated. They`re essentially a type of digital art that can be purchased and
traded while maintaining the pseudoanonymity that blockchain provides.
Money laundering is already a huge concern in the art world, and talk about it
has swiftly spread to the NFT industry. The traditional art world`s fame has
made it appealing to crooks looking to legalise their unlawful earnings.
However, certain standards governing assessment and source of money
verification are getting more stringent in this field. This implies that crooks are
on the lookout for new ways to carry out their plans. The nonfungible token
segment is a hazy region on the edge of law, and antimoney laundering
enforcement remains a difficulty owing to its complexity and rapid growth.
According to the United Nations, the value of the illegal arts industry is
estimated to exceed US $ 6 billion.
As a general rule, money laundering with NFTs is very easy. Parties interested
in doing money laundering with NFTs need to follow a few simple and easy
steps.
• First they make a work of art. These could be low-labor, empty, or
algorithmically generated NFTs that have been sold for millions of dollars in
the past. With metadata and code available, scammers can generate equivalent
works by duplicating the required algorithms.
• Second, they create artists. In the area of Bitcoin, the artistic character is
often anonymous. Pack-Unlike perhaps the most famous artist Beeple, no
similarly prolific writer (or group) has been found. It is unknown whether the
pack is an individual or a group. The artist hides under this anonymous cloak
and forms an unlimited number of nfts
• Finally, you can trade digital NFTs in cryptocurrencies by creating an online
presence using a server located in a location that does not support international
police activities.
Buy the work of many artists at above average prices and raise the price, or
become both a buyer and a seller in a transaction. This can be achieved by
creating two different accounts (one for sale and one for purchase) and
purchasing NFTs from each other. This is a method called "dressing clothes
transaction". Certain indicators may indicate suspicious behavior, especially if
the value of the fiat money in the transaction is important. For example, a user
who buys an NFT for € 1 million and sells it for € 900,000 two days later may
indicate that the market is overvalued.
 Statistical analysis

Regression analysis
NFT prices are strongly related to the prices of many other NFTs previously sold
in the same collection.
More than half of future second sales price fluctuations are predicted by the
average selling price of NFTs in the collection.
If the average of previous selling prices is derived in the current time frame
before the main sale, for example, the previous week's time frame is better than
using the entire NFT's main pre-sale time frame. Therefore, the prediction will be
more accurate.
If the secondary selling price is subject to regression, similar results will be
obtained, but the correlation is usually low.
The top five NFTs collections (in terms of asset count) are shown below, grouped
by category. The amount of assets in each collection determines the size of each
circle.
 Trend Analysis
Over the ultimate six months, NFTs have sprung into the general public
consciousness. NFTs look like everywhere, from Time magazine`s TIMEPieces to
TikTok`s creator-led series to Steph Curry`s buy of a Bored Ape. The perception
of virtual possession is not new, and it is been utilised notably in video games to
permit gamers to alter their studies via skins, upgrades, and different means.
Anyone with get entry to to the blockchain surroundings can also additionally
independently affirm that a person owns something at the blockchain, making it a
long way extra transferable among apps. Consider a destiny wherein the proprietor
of an NFT avatar is the handiest person who can use that avatar on all in their
desired social media sites. The Wyvern Exchange agreement on Ethereum and
ZeroExFeeWrapper contracts (1 and 2) on Polygon are beneficial for Opensea. For
the Ethereum agreement, the unique features and activities of relevance are
atomicMatch_ and OrdersMatched, and for the Polygon agreement, machOrders
and Fill. These strategies and activities are applied otherwise withinside the
different trade apps, however all of them observe a comparable pattern. We can
extract beneficial records from each NFT transaction through interpreting them,
which includes the buyer, seller, timestamp, NFT agreement (NFTs are clever
contracts as well), character NFT IDs, foreign money used withinside the
transaction, and pricing.

GMV of Nft transactions growing from $25 million to $450 million in Feb 2021.
Market share of Nft marketplaces
Opensea had roughly 35 percent of the GMV in January 2021, just 10 points below
the leader at the time, Rarible. Since then, Opensea has amassed an 85% market
dominance in GMV, with Cryptopunk being the only rival exchange with any
significant volume. When we compare share by transactions or purchasers, the lead
is significantly greater.

Monthly unique owners of Nfts

 Correlation between Covid 19 and NFT Marketplace

The NFT Marketplace has expanded significantly since the fourth quarter of
2020. Between October and December 2020, $ 93 million worth of NFTs
were sold, and by the end of April 2021, the NFT market had grown to
nearly $ 490 million. The outage of the pandemic and the new enthusiasm
for cryptocurrencies are undoubtedly contributing to the massive growth of
the NFT sector. The market for non-fungible tokens continues to grow as
more artists seek to commercialize their digital assets. According to reports
published by L'Atelier BNP Paribas and Nonfungible.com, the market price
of NFTs has quadrupled in 2020, with current prices exceeding $ 250
million. Still, that number has almost quadrupled in the first quarter of 2021
alone, with a current market capitalization of over $ 450 million. Opensea,
one of the largest NFT markets, reported total revenues of nearly $ 5 million
in the first week of January 2021 and over $ 100 million in NFT revenues in
just three months. COVID19 has accelerated the adoption of technology in a
variety of traditional businesses, including art. Art + Tech companies have
raised $ 380 million since the beginning of 2020, according to Fuelarts, an
accelerator that drives innovation in the art market. By comparison, art-
driven tech startups made $ 640 million in pre-fashionable 20 years. Art
sellers and collectors were pushed into the digital space during the first six
months of the epidemic. As a result, the art market's thirst for innovation has
grown and entrepreneurs and venture capital have gathered. Investors
looking to take advantage of the Art + Tech boom will have access to a
variety of options, including new payment methods, big data and tools to
support the creation, management and sale of NFTs. Here are some of the
most potential development sectors on the market:
• ArtAnalytics The technology for predicting future sales for artists without
auction history is improving. A large amount of data-based insights are now
available to collectors. Philips has announced an exclusive 2020 deal with
Articker, a new market tracking technology that can analyze artist trends and
change the way artwork is evaluated. The next step for these tracking
systems would be to determine the relationship between NFT pricing and the
physical art world.
• MultiGallery Platforms Digital markets, such as Artsy, an online
brokerage located in New York City, are ideally positioned for expansion.
 These platforms entice online customers with a constant stream of new deals
and a dynamic, instructive approach of presenting art. In addition, collectors
prefer markets over most galleries' static online auction. The NFT craze has
helped marketplaces the most: digital collectibles sales increased to $10.7
billion in Q3, up from $1.3 billion in Q2. • Risk Management In 2021, new
financial products for the art sector such as auction guarantees, debt resale
and other art derivatives were introduced. These resources are in high
demand among experienced investors. Risk assessment tools are also lacking
in the expanding digital collection sector.
The NFT Marketplace has expanded significantly since the fourth quarter of 2020.
Between October and December 2020, $ 93 million worth of NFTs were sold, and
by the end of April 2021, the NFT market had grown to nearly $ 490 million. The
outage of the pandemic and the new enthusiasm for cryptocurrencies are
undoubtedly contributing to the massive growth of the NFT sector. The market for
non-fungible tokens continues to grow as more artists seek to commercialize their
digital assets. According to reports published by L'Atelier BNP Paribas and
Nonfungible.com, the market price of NFTs has quadrupled in 2020, with current
prices exceeding $ 250 million. Still, that number has almost quadrupled in the first
quarter of 2021 alone, with a current market capitalization of over $ 450 million.
Opensea, one of the largest NFT markets, reported total revenues of nearly $ 5
million in the first week of January 2021 and over $ 100 million in NFT revenues
in just three months. COVID19 has accelerated the adoption of technology in a
variety of traditional businesses, including art. Art + Tech companies have raised $
380 million since the beginning of 2020, according to Fuelarts, an accelerator that
drives innovation in the art market. By comparison, art-driven tech startups made $
640 million in pre-fashionable 20 years. Art sellers and collectors were pushed into
the digital space during the first six months of the epidemic. As a result, the art
market's thirst for innovation has grown and entrepreneurs and venture capital have
gathered. Investors looking to take advantage of the Art + Tech boom will have
access to a variety of options, including new payment methods, big data and tools
to support the creation, management and sale of NFTs. Here are some of the most
potential development sectors on the market:
• ArtAnalytics The technology for predicting future sales for artists without
auction history is improving. A large amount of data-based insights are now
available to collectors. Philips has announced an exclusive 2020 deal with
Articker, a new market tracking technology that can analyze artist trends and
change the way artwork is evaluated. The next step for these tracking systems
would be to determine the relationship between NFT pricing and the physical art
world.
• MultiGallery Platforms Digital markets, such as Artsy, an online brokerage
located in New York City, are ideally positioned for expansion. These platforms
entice online customers with a constant stream of new deals and a dynamic,
instructive approach of presenting art. In addition, collectors prefer markets over
most galleries' static online auction. The NFT craze has helped marketplaces the
most: digital collectibles sales increased to $10.7 billion in Q3, up from $1.3
billion in Q2.
• Risk Management In 2021, new financial products for the art sector such as
auction guarantees, debt resale and other art derivatives were introduced. These
resources are in high demand among experienced investors. Risk assessment tools
are also lacking in the expanding digital collection sector.
 Opportunities for growth
Increasing the gaming industry`s profitability -
Unchanged , and TradeStars are some of the existing crypto games. The
"breeding" mechanism is an intriguing element of such games. Users may grow
their own pets and spend a lot of time breeding fresh ospring. They may even buy
limited or rare edition virtual pets and then resell them for a profit. The additional
payout entices a large number of investors to participate in the games, propelling
NFTs to popularity. Another fascinating feature of the NFT is that it keeps track of
who owns what in games and supports economic marking in the ecosystem, which
benefits both producers and gamers. Virtual Events Traditional internet events rely
on trust and technology from centralised corporations. Although blockchain has
taken over numerous sorts of activities such as raising funds (through ICOs, IFOs,
and IEOs), its uses are currently limited to a restricted number of events. With the
aid of their extra qualities, NFTs considerably expand the field of blockchain
applications (uniqueness, ownership, liquidity).This allows each person to be
linked to a specific event, much like the patterns we see in our daily lives.
Metaverse is a virtual shared place that allows users to engage in a variety of
digital activities. In general, it refers to a range of approaches for creating a virtual
environment, such as augmented reality and the Internet. The notion dates back
decades and has made significant progress thanks to blockchain's fast growth. For
the virtual online world, blockchain presents an excellent decentralized setting.
Participants in this blockchain powered other reality may engage in a variety of
fascinating activities such as playing games, showcasing self created artwork,
exchanging assets and virtual properties (arts, land parcels, names, video shoots,
wearables, and so on), among others.
Safeguarding digital collectibles Trading cards, wines , digital photos , films ,
virtual real estate , domain names , jewels , crypto stamps , and other
real/intellectual goods are all examples of digital collectibles. As an example,
consider the field of arts. To begin with, traditional artists have a limited number of
outlets through which to show their work. Due to a lack of attention, the pricing
cannot reflect the full worth of their labor. Worse, platforms and advertisers have
charged them middleman fees for their published work on social networks. NFTs
convert their work into digital formats that include a unified identity. The agent is
not obligated to transfer the property or content to the artist.
 Nfts & Future of Art
The digital world has evolved to include not only realistic digital avatars, but also
new means of digital ownership. As a result, the emerging online economy has
transformed the traditional way of creating and owning digital assets. Since the $
69 million NFT sales in 2021, the range of NFT art has expanded dramatically. As
a result, many NFT artists have created unique works with astronomical sums.
Details of the NFT can be found in this question and the answers to the previous
questions. Some NFT artwork sells at ridiculously high prices, but most artwork
sells for about $ 200 on average. Everyone will be interested in why everyone uses
NFTs in the field of art. For example, if you want to portray the Mona Lisa in your
living room, you can use Google to search for high-resolution photos and print
them on canvas. As a result, NFTs can add value to their artwork by creating rarity.
Learning how NFT presents a new perspective on business strategy in the art world
is the easiest way to predict the outcome of currently available NFT art
marketplace alternatives. NFTs sell for $ 69 million, and other artists have just
begun auctioning their work. Few would have expected that lines of code
representing works of art on the blockchain could generate such great economic
benefits in the early days. The beeple phenomenon caused a momentum of
movement in the months that followed. In fact, the expansion of NFTs generated
approximately $ 3.5 billion in revenue in the first three quarters of 2021. Despite
some issues, the NFT art industry is growing steadily. Understanding how NFTs
create a new generation of artists and art lovers is another important factor in
identifying the future of NFT art. Young people have so far shown outstanding
potential in using the NFT environment. For example, digital native artists between
the ages of 12 and 15 are now making a lot of money effectively by selling digital
artwork as NFTs. In June 2021, an 18-year-old transgender NFT artist collaborated
with Christie's to sell five NFTs for $ 2.16 million. The potential of NFTs in the
art world looks to be bright, with numerous opportunities. On either hand, it is
essential to uncover the underlying concerns that may stymie the lengthy
acceptance of NFT art. NFTs are based on the decentralization idea, which requires
the use of a distributed network of computers. While central authorities provide
NFT users flexibility, they often overlook the NFTs' hidden costs. Running a
massive dispersed computer network has serious environmental costs. Consider the
size of the server farms and the amount of electricity required to run blockchain
networks that power NFTs.
In the art world, the future of NFTs appears to be bright, with several possibilities.
On the other hand, identifying the underlying challenges that may stymie NFT art
acceptance in the long term is critical. NFTs are based on the decentralization idea,
which necessitates the use of a distributed computer network. While centralized
authorities grant NFT users flexibility, they frequently overlook the NFT's hidden
costs.
Trends shaping the future of art

• A new era of artists Blockchain enables one-on-one transactions without the

involvement of third parties, so one of the benefits of NFTs and blockchain
technology is to pay artists for their work. You can pay directly. This suggests that
art funding is shifting.
• Not only strengthen the art community by connecting NFT community artists
with people interested in promoting and supporting each other's work, but also
create collector groups and “clubs” around special drops. One example is the
emergence of PFP, a "profile photo" project where people collect limited edition
generative artwork (Cool Cats, CryptoKitties, or Bored Ape Yacht Club).
• Innovative Projects NFT's unique technical capabilities are growing an ingenious
initiative to challenge established art concepts. Cross-correlation between NFTs
and cryptocurrencies
There is a strange relationship between cryptocurrencies and NFTs. It is
comparable to a parent-child relationship. When the NFT market was small, it
relied on the crypto market for pricing activity, but began to separate as it grew. In
January, when the Bitcoin market announced the best ski slopes, NFTs surged and
the NFT trading platform OpenSea recorded record sales of $ 5 billion. Some
crypto analysts have assumed that this suggests a reverse relationship between the
crypto market and the NFT market: as Bitcoin and the rest of the crypto market go
up, the NFT goes down and vice versa. Is also the same. Meanwhile, the
cryptocurrency exchange Coinbase wants to make participation more accessible.
Users will be able to purchase NFTs with fiat money using their credit cards at the
long-awaited NFT Marketplace. In fact, companies such as eBay, Reddit, and
Instagram are planning to adopt NFTs, and fiat decisions are expected to further
separate NFTs from cryptography. However, until then, the connection between
the two markets remains important and NFTs always require blockchains such as
Ethereum and Solana for them to work.
The dataset used in this study is from Kaggle.com and dates from August 17, 2017
to July 3, 2021. The dataset includes the total number of active NFT wallet
addresses involved in selling or storing NFTs, the price of Ethereum, the most
popular cryptocurrency for buying and selling NFTs, and the most valuable
cryptocurrency. Included daily observations of Bitcoin prices. The following
observations were collected using the multivariate correlation matrix approach. A
perfect inverse correlation is indicated by a correlation coefficient of 1, and a
perfect positive correlation is indicated by a correlation coefficient of +1.

Influence of Bitcoin on nft

We discovered that while bitcoin price fluctuations had some impact on the
number of active NFT wallet addresses engaging with NFTs, they had little to no
impact on the overall number of sales.

Ethereum's impact on nft

Ethereum price fluctuations affected the number of active wallet addresses
communicating with NFTs, but the effect was found to be less than Bitcoin.
In addition, Ethereum prices were found to be negatively correlated with daily
NFT sales. This is because Ethereum is the most widely used cryptocurrency in
NFT transactions, so the rise in the price of Ethereum is the price of the NFT itself,
which increases the purchase cost, so the average buyer will access it.

In a February report, Coin Metrics analyzed the relationship between Ethereum

(ETH) prices and offshore sales to determine if rising ETH prices were causing a
decline in NFT sales. According to a survey of statistics, there does not seem to be
a complete correspondence between offshore sales and ETH prices. It is clear that
NFTs are a very independent sector and can move largely independently of the
world of other cryptocurrencies.
 Obstacles to mass adoption
Irreplaceable tokens are incredibly powerful and it is clear that there is a bright
future. After all, they are highly adaptable tools that appeal to the underlying
human urge to own a rare and unique product. The possibilities are endless and
limited only by the creativity of the creator. Despite this promise, it is difficult to
deny that NFTs are currently a very special technology. Unsupported claim that
there are about 70,000 active addresses for NFTdapps users. Our estimates are that
70,000 is still far from 71 million crypto owners around the world, but that
number has more than quadrupled since 2018 and doubled since the beginning of
the year. Explore Obstacles
Inaccessible Collectibles, art and games are the most common uses of NFT. There
should be a large market for these asset classes, but in reality NFTs are limited to
experienced cryptocurrency people who are familiar with dapps. In other words,
not everyone who collects art, loves art, or plays games is a crypto trader. New
Technology NFT is a very new technology that was developed in its current form
just a few years ago. Many people are unaware of these assets and are still
skeptical about the safety and reliability of NFTs. This may indicate that current
NFT users are part of a professional user base that is still an early adopter.
Transaction Fees Today, NFTs are primarily used on the Ethereum blockchain, so
NFT creation and transactions are always heavily dependent on network activity.
At the height of DeFi enthusiasts in September, when Uniswap announced tokens
and brought agricultural stimulus, gas prices reached an astonishing 1000 Gwei.
Regulated NFTs can be used to represent real-world assets, so there is a risk that
tokens will be classified as securities and subject to regulatory scrutiny under the
NFT Initiative. Developers who are undecided about the development of a new
NFT may be postponed by this. Difficulty connecting to the real world While
NFTs can reflect real-world assets, it can be difficult for NFT holders to claim
ownership of real-world assets. For example, how can a user be confident that an
NFT that claims to be attached to a tangible object really protects the ownership of
that object? Real companies need to issue their own NFTs or partner with
cryptocurrency companies. It is also questionable whether NFTs are better than
common databases.
NFTs may reflect tangible assets, but it can be difficult for NFT holders to claim
ownership of tangible assets. For example, how can a user be confident that an
NFT that claims to be attached to a tangible object really protects the ownership of
that object?
Real-world businesses need to issue their own NFTs or work with cryptocurrency
companies. It is also questionable whether NFTs are better than common
databases. Because NFTs can be used to represent real assets
 Role Of Nfts In Metaverse
The concept of the metaverse. This is a hypothetical idea of a virtual reality
headgear that allows you to enter a digital 3D environment. You have a "body"
(avatar) that you may design, a home to fill with your favorite items, and hundreds
of places to explore in this virtual world. The metaverse is beneficial because it
removes the need for us to travel and consume material assets. We can visualise
and interact with each and every thing in a 3D universe without putting in a lot of
effort or time. With one move like this, you can switch between hobbies,
conversations, places, and dates. In this digital age, everything is connected and
available, rather than switching between applications and web browsers. NFTs are
often linked to websites and transactions that take place through a web browser,
and the Metaverse is primarily VR-based, so there is uncertainty about what they
have in common or whether they exist. May occur. Fortunately, these concepts are
relatively new, but many organizations are already developing innovative and
productive ways to combine them. Using NFTs in the Metaverse –
1. Virtual market areas for VR communications are already growing thanks to apps
like VRChat, and it's not a big leap to think that these areas can also serve as fertile
exchanges for NFTs. Sellers can easily provide links and previews of materials on
the web and new products in the VR environment.
2. Art Gallery Art Gallery. Apart from the actual stationary facility, VR is the best
possible platform for displaying art. You can see it up close and personally from
every angle. This type of solution is different from the market because the prices
are already set (not negotiated), the assets are all the same (artwork) and the
environment is much more relaxed. For example, many institutions are currently
displaying NFT artwork in metaverses enabled by the Ethereum blockchain, such
as: B. Crypto voxels. According to the Art Newspaper, Crypto Voxel is "the home
of art galleries and institutions such as the San Francisco Museum of Modern Art
and FC Francisco Carolina Namlinz in Austria."
3. New Frontier
In the real world, real estate can be a profitable sector, and the same is true for the
Metaverse. We're not talking about selling real estate digitally, we're talking about
selling some or all of our digital parcels and territories for user growth. In this
scenario, an example is shown more simply. Decentraland is a virtual area where
you can buy lots as NFTs and see everything in 3D. This "country" has its own
cryptocurrency and is expected to join the Metaverse in 2022 (to allow VR users to
move around the globe). Running NFTs in the Metaverse As you may know, the
Metaverse is still a very new idea, as few companies are using NFTs to develop
real-world solutions. Therefore, if you have the resources to find and implement a
combination use case within your organization, you could be one of the first
companies in the market to take advantage of both of these trends. Most
companies don't hire full-time VR developers, so it's a good idea to work with a
company that has extensive experience in developing immersive apps. Even if your
company has local developers, you may still follow this route due to lack of
platform-specific skills.
Effects Of Nfts on Metaverse
Path to fair economy - Individual users and businesses are now able to actually
represent real resources and ideas in the distributed digital world. By using the new
game model in combination with compatible blockchain games, you can open up
the Metaverse to additional hard assets. Games In new designs like the game
model, the position of the NFT in the Metaverse becomes more important. Not
only can people using NFTs influence the viewers of the Metaverse, but they also
have additional power. In addition, Play-to-Earn games provide a fair gaming
experience and give players full ownership and control of their assets.
Real Estate's Newest Trends - Virtual world means a bundle of digital legacy and
space. NFTs can be used to control the virtual world of the Metaverse. Users can
build life control for their items while developing digital real estate using
blockchain. Purchasing digital assets for enterprises is one of the main uses of such
NFT Metaverse business. In addition to developing other structures such as online
stores and hosting events, you can rent land to generate passive income. The only
good example of the Metaverse digital real estate scenario is Decentraland.
Social Experiences - The impact of the NFT Metaverse project will also have a
significant impact on the identity, social and community experiences of Metaverse
members. By owning NFT assets, users can express their support for a particular
project and share their views on the virtual and physical worlds. As a result, a
community of similar NFT owners can grow to share experiences and help create
content. A common example of a NFT avatar shows how a Metaverse NFT
connection can change the world. The true self of the player and what they imagine
is represented by the NFT avatar. Players can use NFT avatars as access tokens to
access and switch between different areas of the Metaverse.
 Recent development of Nfts In India
The global trading market for NonFungible Tokens ("NFTs") reached almost $21
billion in volume in 2021. According to Google trends, there was far more interest
in NFTs than in cryptocurrencies. While 2021 was about the world being more
receptive to the potential of NFTs, 2022 will be about controlling them. To recap,
NFTs are oneofakind digital assets based on blockchain technology. While the first
perception of NFTs was that they were just eccentric artwork offered at excessive
prices, some big corporations have already pioneered the way as early adopters of
this technology. From NBA basketball goods to digital real estate, street art and
graffiti, everyone seems to be jumping. As the popularity of NFTs and their
cryptocurrency transactions grows, one of the most pressing issues is how to
regulate these transactions. Legal authorities around the world are trying to
understand how to regulate cryptocurrencies and their use in NFT transactions.
Since cryptocurrencies are used to buy and sell NFTs, the law governing the
former has a significant impact on the latter. India introduced the term "virtual
digital assets" in Section 2 (47A) of the 1961 Tax Act and by taxing income from
transactions of such assets at a tax rate of 30% in the latest Financial Law 2022. It
has moved to regulate the NFT market. In financial law, the concept of virtual
digital assets includes "non-fungible tokens", but the exact definition has not yet
been established. India is a natural choice for companies looking to diversify and
enter the NFT industry due to its large customer base and strong technology-based
start-up environment. On the other hand, companies need to plan their entry, given
that the government has recently imposed taxes on NFT transfers.
 2022 & Growth of Nfts

Two months after 2022, there was already a quake on the world stage. We hope
that peace will come soon, but it is true that the digital market and virtual real
estate have come to be called the Metaverse, and the entire transition to
digitalization has been very successful.
1. State-of-the-art
The rapid emergence of NFTs in the art world necessitates a debate about what
makes art valuable, what properties are, and perhaps most importantly, what to
expect after 2022. Caused to. The appeal of digital art resurfaced when digital artist
Beeple's Everyday: The First 5000 Days was sold as an NFT for a career-high $ 69
million. For the first time in history, blockchain can be used to verify and monitor
the source and ownership of digital data via NFTs.
2. Metaverse
Games were the second most important area in the development of NFTs in 2021.
NFT has opened up a new era of games as blockchain-based Play-to-Earn games
that reward players with in-game assets that are really owned by the assets that
players play in NFT for the first time market place.
3. Fundraising
Wherever you have incredible amounts of money, large investors, and valuable
items, there is always room for charity. Financing has emerged as a necessary
outcome of NFTs as the world agrees on the benefits of tokenization. By designing
NFTs using smart contracts and automatically donating to charities on a
transaction-by-transaction basis, these philanthropic opportunities are further
expanded.
4. Affected industries
With the obvious basic NFT feature of tokenizing real assets, many traditional
industries could be confused by blockchain in the near future. Entertainment and
film are two major industries that are expected to benefit from the influence of
NFTs. Listeners can comment and post their songs on platforms around the world.
 Future Prospects Of Nfts
The benefits of non-fungible tokens can lead to the formation and development of
a whole new creative economy. The Creator Market helps content producers
eliminate the need to delegate control of the websites that publish their content. By
connecting all background content creators within one ecosystem, NFTs can offer
new opportunities for all contributors to share their prosperity. NFT artists can
benefit from efficient pricing through a much more fluid and open art market,
evaluate their work and communicate directly with their clients. In addition, NFT
developers are discovering new ways to consistently generate revenue. On certain
platforms, perpetual license agreements can be incorporated into NFT purchase
agreements, allowing artists to be rewarded for every transaction. The NFT
metadata contains the inventor's address, so you can send a royalties to the original
creator for each token sale. For this reason, portals such as Nifty gateway and
Superare are popular with artists. Artists are increasingly looking to more efficient
market structures to take advantage of change as technology and opportunities
increase. Whether or not the recent strong growth of NFTs is sustainable in the
medium term, viable use cases are beginning to emerge. The future of NFTs will
also be determined by how larger sectors adapt to new legislation, especially in
the area of asset-backed NFTs and proof of ownership and identification. But in
the areas of digital art, music, movies, collectibles, DeFi and even physical assets,
artists, consumers, collectors and investors are already benefiting from the new
opportunities offered by NFTs. According to Walter Benjamin, there were many
"useless thoughts" about whether photography and subsequent films were artistic,
and the basic topic was overlooked. Since NFTs can be used with a variety of
digital assets, the question is how to change the nature of the assets and how they
are owned and managed, including not only digital assets but also traditional
physical assets and documentation. The current trading volume is small compared
to other crypto markets, but it is increasing rapidly and has come a long way.
Web3 wallets have also evolved to facilitate technology compatibility and
interaction / integration.
 Conclusion
Nonfungible Token (NFT) is a new blockchain technology that is attracting
attention. This white paper describes cutting-edge NFT technologies that have the
potential to reshape the digital / virtual asset market in the future. It first analyzes
the technical components and then provides the design model and attributes. Next,
evaluate the security of your current NFT system and see what prospects and
applications you can create using NFT ideas. India needs to encourage NFTs,
including an ecosystem of blockchain and crypto assets, and appropriate
safeguards. In addition to rapid growth, NFTs have the potential to bring a
paradigm shift to the digital world by providing digital producers and investors
with a reliable online marketplace and multiple ways to protect their jobs. This is
very beneficial to digital authors, but should not be ignored in support of general
bans. However, the success of digital assets such as NFTs is determined after they
are traded in fiat currencies or after cryptocurrencies are approved by the legal
system. Finally, we discuss current research challenges that need to be addressed
before enabling a wide range of commercial applications. We believe this report
will provide an up-to-date analysis and summary of existing solutions and projects
to help new entrants stay up to date.
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