What is an NFT?

NFTs (Non-Fungible Tokens) are cryptographic assets on blockchain networks with unique identification codes and metadata that distinguish them from each other, making them fundamentally different from cryptocurrencies like Bitcoin, which are fungible and interchangeable by nature.

Through blockchain verification, NFTs solve the long-standing problem of creating provable ownership, scarcity, and authenticity for digital items, enabling creators to tokenize their work and buyers to confidently acquire digital assets with verifiable provenance and transferable rights.

NFTs have revolutionized digital art, collectibles, gaming, and entertainment by enabling creators to monetize their work directly, establish ongoing royalties from secondary sales, and build deeper connections with their audiences through ownership-based communities and experiences.

Beyond digital art, NFTs are expanding into practical applications including event tickets, digital identity verification, real estate deeds, intellectual property rights, supply chain tracking, and membership credentials, demonstrating their versatility as digital certificates of ownership.

As the technology matures, NFTs are bridging physical and digital worlds through phygital assets, fractional ownership models, and interoperable ecosystems, potentially transforming how we conceptualize, value, and exchange both digital and physical property in the emerging metaverse economy.