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What actually is NFT? In a nutshell, NFT stands for Nonfungible tokens. They are verifiably discrete digital and physical commodity representations. Each NFT is unique in terms of its composition, and thus in terms of its worth. Dollars are fungible in the physical world. If a person swaps a paper US dollar for another paper US dollar, the value of the former is not lost. However, nonfungible items such as artwork are rare. The “Mona Lisa” does not have the same worth as “The Persistence of Memory,” as both artworks are one-of-a-kind and so have value.

world NFT news

RMDS Lab is an artificial intelligence (AI) and data platform based in California. Before the end of March, RMDS Lab wants to launch the world’s first non-fungible token (NFT) platform for scientific and technology intellectual property. RMDS was formed in 2009 by Alex Liu, IBM’s former chief data scientist, with the goal of creating a worldwide community of data experts and scientists and promoting scientific innovation using data and AI

An NFT verifies that a piece of data is unique and thus not interchangeable. It is a unit of data kept on a blockchain, which is a digital ledger. NFTs are gaining traction as a means of authenticating and exchanging IP rights in artwork, gaming, and other fields. RMDS said its intention to launch a market to trade NFTs for scientific and technology-related IP was prompted by “an overwhelming need for NFT minting and listing” from its “thousands of members and allied experts.”

According to Binance, the cryptocurrency exchange, the NFT market grew by about 43,000 percent between 2020 and 2021.

The majority of NFTs exchanged on major exchanges are for art IP, although NFTs for scientific and technological IPs are gaining traction. In June 2021, the University of California, Berkeley announced that the intellectual declarations behind two Nobel Prize-winning major discoveries there would be auctioned off as NFTs. The strategy, which was part of a fundraising attempt to promote fundamental research at UC Berkeley, netted the institution roughly $55,000 for an NFT based on landmark cancer immunotherapy research by the school’s James Allison in the 1990s.

The purpose of RMDS’s move into NFT sales is to engage scientists with entrepreneurs, as well as to connect technology and science IP with collectors, investors, and science fans. The goal is to open up new funding avenues for research and technology projects while also speeding up technology transfer.

‘Getting funds for scientists can be challenging, and getting funds through traditional channels can take a long time,’ says Liu, who adds most senior project managers often spend more than half of their time on administrative activities. ‘NFTs can help people concentrate more on their main work by simplifying this,’ he told Chemistry World. ‘Also, scientists don’t have a lot of ways to reach out to investors, so an NFT market can help them.’

Nevertheless, the technology that runs NFTs and cryptocurrencies consumes a lot of energy and has a big carbon footprint. Liu agrees that NFT technology is continuously expanding and developing in an attempt to face these environmental concerns, and also security and copyright concerns. ‘We have a lot of blockchain AI professionals connected to us, and we want to grow this marketplace,’ he says. ‘We want to use our talent pool to help fix some of these issues and improve NFT exchange.’

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