A STUDY ON THE DIGITALIZATION OF CURRENCIESCRYPTO CURRENCY VS NFTS

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