Non-fungible tokens (NFTs)

are unique digital assets that represent ownership of items such as artwork, collectibles, or other digital content. Each NFT is a cryptographic token on a blockchain, typically Ethereum, that cannot be replicated or subdivided. This unique digital signature allows NFTs to verify the authenticity and ownership of the associated asset.

Some key points about NFTs:

Uniqueness: Each NFT is one-of-a-kind and cannot be replicated or exchanged for an identical item, unlike cryptocurrencies which are fungible.

Ownership: NFTs represent verifiable digital ownership of the associated asset, which could be digital art, music, videos, or other collectibles.

Immutability: The ownership and metadata of an NFT are stored on the blockchain, making them nearly impossible to modify or remove.

Scarcity: NFTs can be created with built-in scarcity, as the creator can mint a limited number of tokens, increasing their perceived value.

Marketplaces: NFTs can be bought, sold, or traded on dedicated NFT marketplaces, such as OpenSea, Rarible, or Nifty Gateway.

While the concept of NFTs has been around since 2014, they gained widespread attention in 2021 with the sale of high-profile digital artworks, such as Beeple's "Everydays: The First 5000 Days" which sold for $69 million. NFTs have also found applications in gaming, music, and other industries where digital ownership and scarcity are valued.