What is Non-Fungible Token?
A non-fungible token (NFT) is a unique and indivisible digital asset that represents ownership of a specific item or piece of content, such as art, music, videos, or virtual real estate. Unlike traditional cryptocurrencies, which are fungible and interchangeable, NFTs are unique and cannot be replicated or exchanged for another NFT of equal value.
NFTs are created using blockchain technology, which ensures that they are secure, transparent, and tamper-proof. They can be bought, sold, and traded like any other asset, and their ownership is recorded on a blockchain ledger, providing a permanent and verifiable record of ownership.
NFTs have gained popularity in recent years as a way for artists, musicians, and creators to monetize their digital creations, as well as for collectors and investors to buy and sell unique digital assets. Some high-profile NFT sales have included digital artwork by Beeple, which sold for $69 million, and a tweet by Jack Dorsey, which sold for $2.9 million.