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What is NFT?
NFT stands for Non-Fungible Token, which is a data unit on a digital ledger known as a blockchain, where each token represents the unique digital data that serve the purpose of electronic authentication, or proof, for virtual goods ownership.
The non-fungible token is used to represent such digital archives as paintings, sounds, movies, game projects, or other forms of creative works because of their non-interchangeable nature. Although archives (works) can be copied indefinitely, the tokens representing them are tracked through their underlying blockchain, which provides proof of ownership for the buyer.
In essence, NFT isn't a piece of artwork, but a section of code in the digital chain (blockchain) that affects the location of the artwork, as can be found in the server. However, NFT could take the form of a house or a painting, such as the Mona Lisa. One can photograph the sketch or purchase a print, but there will be only one original. NFTs are the "one-of-a-kind" digital assets that can be traded like any other properties but with no physical presence. Tokens can be considered as the certificate of ownership for either virtual or physical assets.
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Last modified 1yr ago