What are NFTs?
An NFT or a non-fungible token, is a unique digital asset or unit of data that is stored on the blockchain. NFTs are commonly used to store or transfer on chain artwork, collectibles, music, photos…etc. Anything you can think of can some way be associated with an NFT and established on chain forever.
Now before we go into some more cool information let’s break down “non-fungible token.” A non-fungible asset is a unique asset that cannot be copied, replaced, or substituted. A bitcoin for example is fungible, you can trade one bitcoin for another, they are the same thing. Each individual NFT is distinct. A 1 of 1 art piece is non-fungible, there may be other works of art by the same artist, but they are completely different.
If NFT’s were not interesting enough, the tokenization makes them even more powerful and enhances them as assets or pieces of art. The tokenization allows for any NFT to become a token, that can be interchangeable and interoperable with multiple chains. Enhancing the ability of exchange, as well as features imbedded in each token.