Non-fungible tokens (NFTs) are unique digital assets that are recorded on a blockchain and are used to certify ownership and authenticity.

- Uniqueness: Unlike cryptocurrencies, NFTs are non-fungible, which means they cannot be copied, substituted, or subdivided.

- Creation: NFTs can be created by anybody and require few or no coding skills.

- Content: NFTs typically contain references to digital files such as artworks, photos, videos, and audio.

- Trading: The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded.

- Market: NFT trading increased from $82 million in 2020 to $17 billion in 2021, but the market collapsed in 2022.

- Characteristics: An NFT is a data file stored on a digital ledger called a blockchain, which can be sold and traded.

- Copyright: An NFT solely represents a proof of ownership of a blockchain record and does not necessarily imply that the owner possesses intellectual property rights to the digital asset.

Ways NFTs are revolutionizing the art world:

- New royalty system: NFTs allow artists to receive a percentage of the sale price each time their work is sold, giving them a new source of income.

- Unlockable content: Artists can offer NFT buyers exclusive content, such as high-resolution versions of their work or access to physical items.

- Smart contracts: NFTs use smart contracts to ensure ownership and authenticity, and artists can use these contracts to distribute percentages of each sale to whomever they choose.

- New creative scenes: NFTs have given rise to new creative scenes and communities, particularly among digital artists.

- New business models: NFTs are allowing artists to monetize their digital work in new and innovative ways, such as through tokenized ownership and decentralized marketplaces.