A Study on the Role of Non-Fungible Tokens (NFTS) in Expanding the Intellectual Property (IP) Market

In the recent times, non-fungible tokens (NFT's) attracted greater attention as an innovative blockchain based business service. This research study is intended to provide a comprehensive analysis of this new business service and tries to portray its impact on Intellectual Property Rights (IPRs). Through a study of different cases, technical implementations and market dynamics, this research study explores the potential revolution of NFTs in digital ownership provenance tracking and decentralized trading. Also, this study analyzes whether NFT is scalable and the challenges and opportunities lie in each of these directions. This study is based on the analysis of published literature and empirical evidence, and provide a more systematic understanding and forecast of the present NFTs. It concludes that NFTs will not only continue to grow but will also have a significant impact on all traditional IPR based business ranging from auction houses to online gaming companies.