What Are NFTs? — zenruption

An NFT, or Non-Fungible Token, is a digital asset representing ownership of a unique item or piece of content, such as art, music, videos, or other digital media. NFTs are stored on a blockchain, which is a decentralized digital ledger that records transactions and ownership of assets.

Unlike traditional cryptocurrencies such as Bitcoin, which are fungible, meaning one unit of Bitcoin is interchangeable with another, NFTs are non-fungible, meaning that each NFT is unique and cannot be exchanged for another NFT. This uniqueness is what gives NFTs their value, as they represent ownership of an original and specific item or piece of content.

NFTs have gained popularity in art, where they are being used to sell digital art and other digital media. They are also being used in the music industry, where they are being used to sell unique music tracks and other digital content. NFTs have the potential to revolutionize the way digital content is bought and sold, by providing a way for creators to monetize their work directly and giving buyers a way to own an original and unique piece of digital content.