Abstract:The social media platform has served as an entry point for establishing connections, content sharing and social interactions for many users. Exploiting customer's information is very prevalent nowadays by gaining insight into user's habits, preferences, connections, behaviours, content and location. NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectibles, even real estate. They can only have one official owner at a time and they're secured by the Ethereum blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence. A problem occurs when metadata is exchanged along with messages, thereby providing an opportunity for third parties to steal the user's personal details. Blockchain‐based social media provide more benefits than just security and privacy: Cryptocurrencies are used for secure communication by paying and buying content in peer‐to‐peer marketing. Blockchain assists in gaining control over the user’s own content. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions. NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent real-world items like artwork and real estate. "Tokenizing" these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud. NFTs can also function to represent individuals' identities, property rights, and more.
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DOI:
10.17148/IJARCCE.2022.11907
