Non-Fungible Tokens
Non-Fungible Tokens (NFTs) are unique digital assets that represent ownership or proof of authenticity of a specific item, artwork, or piece of content on a blockchain, typically the Ethereum blockchain. Unlike fungible tokens, such as cryptocurrencies like Bitcoin or Ethereum, which are identical and can be exchanged on a one-to-one basis, NFTs are distinct and cannot be exchanged on a like-for-like basis. Each NFT has specific information stored in its metadata, which makes it unique and distinguishable from other tokens. This uniqueness allows NFTs to be used for various applications, including digital art, music, virtual real estate, and collectibles, enabling creators to monetize their work directly and ensuring scarcity and provenance.
