NFT For Collectibles

Limited edition collectibles such as shoes, watches, vehicles, and so on are high-value goods whose value only grows with time, but there is no means to validate the item’s originality or track the chain of ownership. This is usually done with a tangible certificate of authenticity, which can get lost or damaged over time. In this paper, we solve this problem by creating an NFT (Non-Fungible Token) for the object that will be permanently recorded on the blockchain network and will trace the chain of ownership as well as the cost at each transaction. NFTs can be issued to rare collectibles to aid in the authentication of the item’s authenticity. Blockchain tokens are classified as either fungible or non-fungible assets. Fungible tokens are interchangeable; they are identical and can be replaced by another identical token. They may be used to represent everything from Bitcoin and video game cash to tokenized representations of actual commodities like crude oil or gold. NFTs (non-fungible tokens) are one-of-a-kind and cannot be traded. Non-fungible assets are unique and cannot be swapped directly, such as a piece of digital art you made, a car ownership certificate, or a gaming character.The NFT which is created is secured by the consensus mechanism of blockchain and prevents fraudulent transactions. The NFT can be transferred from one ETH wallet to another ETH wallet when the collectible is sold to another person and this transaction is stored in the blockchain. The NFT’s whole transaction history is permanently preserved on the blockchain and can be confirmed by anybody using the token ID.