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

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.

Remember the NFT space is continually evolving, so stay flexible and adapt to changes as navigate the frontier.