A non-fungible token (NFT) is a unique digital asset that represents ownership of a specific item, such as art, music, videos, or virtual goods, stored on a blockchain. Unlike cryptocurrencies like Bitcoin, NFTs are not interchangeable on a one-to-one basis because each token has distinct properties, making them ideal for verifying authenticity and ownership in the digital world.
Example: Upload a photo and generate a hash, giving you ownership of the digital asset.
A non-fungible token (NFT) is a unique digital asset that represents ownership of a specific item, such as art, music, videos, or virtual goods, stored on a blockchain. Unlike cryptocurrencies like Bitcoin, NFTs are not interchangeable on a one-to-one basis because each token has distinct properties, making them ideal for verifying authenticity and ownership in the digital world.
Key Concept
First of Its Kind
The first, like the first tweet by Jack Dorsey, founder of Twitter.
Utility
Real-world benefits and access to exclusive content or services.
Uniqueness & Rarity
Unique and rare like the Mona Lisa in the physical world.
Ownership History
Like the shoes of a player in a famous game, provenance adds value.