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What is NFT Auction

Chapter 10
Advancements in Quantum Blockchain With Real-Time Applications
A process of selling NFT without freezing a fixed price, during an auction the price of NFT depends on its popularity.
Published in Chapter:
Advancements in Blockchain Technology With the Use of Quantum Blockchain and Non-Fungible Tokens
Farhan Khan (Geetanjali Institute of Technical Studies, India), Rakshit Kothari (Geetanjali Institute of Technical Studies, India), and Mayank Patel (Geetanjali Institute of Technical Studies, India)
Copyright: © 2022 |Pages: 27
DOI: 10.4018/978-1-6684-5072-7.ch010
Abstract
Blockchain is a new but quickly growing technology in the world, which was developed by a pseudonymous Satoshi Nakamoto in 2009 as the cryptocurrency Bitcoin. Blockchain was un-hackable but now, due to use of quantum computers, it is possible to tamper with blockchain. As a counter to this, the researchers have come up with quantum blockchain using the principles of quantum cryptography. Today we see that the technology has given birth to many new technologies as well. One of its examples is non-fungible tokens (NFTs). These are a new sort of blockchain-based token that is unique and indivisible. They were first created in 2014. These are blockchain-based virtual assets. Since early 2021, the phenomena and its marketplaces have increased dramatically.
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