WHAT'S NFT ?
NFTs, or Non-Fungible Tokens, are digital assets that represent ownership or proof of authenticity of a unique item on a blockchain, typically Ethereum. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible (meaning each unit is identical and can be traded equally), NFTs are unique or have distinct attributes, making them one-of-a-kind or limited-edition items.
Key Aspects of NFTs:
1. Uniqueness: NFTs have unique metadata, making each one different from another, even if they represent similar assets.
2. Ownership: Ownership is tracked on the blockchain, ensuring the provenance and authenticity of the item.
3. Indivisibility: NFTs can't be divided like cryptocurrencies; they exist as whole items.
4. Interoperability: NFTs can be used across various platforms, allowing them to be displayed, sold, or traded on NFT marketplaces.
Common Uses of NFTs:
Digital Art: Artists can create and sell unique digital artworks as NFTs.
Collectibles: Digital collectibles, like trading cards or limited-edition items, can be sold as NFTs.
Gaming Assets: Some games use NFTs to represent in-game items, which players can buy, sell, or trade.
Virtual Real Estate: Platforms like Decentraland allow people to buy virtual land as NFTs.
Domain Names: Blockchain-based domain names can also be sold as NFTs.