What Are NFTs?
Non-Fungible Tokens (NFTs) are unique digital assets that represent ownership or proof of authenticity of a specific item or piece of content using blockchain technology. Unlike traditional cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are distinct and cannot be replicated. Each NFT is stored on a blockchain, typically the Ethereum blockchain, and contains metadata that specifies details about the digital asset it represents, whether it be digital art, music, videos, virtual real estate, or other forms of digital content. NFTs have gained popularity for their ability to provide a secure and verifiable way of owning and trading digital creations, opening up new possibilities for artists, creators, and collectors in the digital space.
