NFTs, or non-fungible tokens, are cryptographic assets on the blockchain that include unique identification codes and information that identify them from one another. They cannot be traded or swapped for equivalent, unlike cryptocurrencies. This is in contrast to fungible tokens, such as cryptocurrencies, which are identical to one another and hence may be used as a means of exchange.
NFTs are digital tokens that may be used to indicate ownership of one-of-a-kind goods. They enable us to tokenize items such as artwork, collectibles, and even real estate. They can only have one legitimate owner at a time and they’re safeguarded by the Ethereum blockchain.
Ownership of an NFT does not imply that the digital item it represents has copyright or intellectual property rights. While someone may sell an NFT representing their work, when the ownership of the NFT is changed, the buyer does not always obtain copyright powers, allowing the original owner to manufacture new NFTs of the same work. In that respect, an NFT is essentially a separate evidence of ownership from a copyright.
NFTs are frequently used in the creation of digital art. Public attention has been drawn to high-profile auctions of NFTs tied to digital art. As a speculative asset, NFTs representing certain digital collectibles and artworks have seen a lot of use.
