What is an NFT?
A non-fungible token (NFT) is a one-of-a-kind digital asset. It cannot be replaced and is unique. Just like you.
This is achieved through unique identification codes and metadata that distinguishes each NFT from any other with its own digital non-transferable identity. As a result, you can’t simply swap them with other NFTs as their value is not equivalent.
What counts as an NFT? In short, if you can dream it you can probably create an NFT of it. The most popular market currently revolves around collectibles. As digital assets continue to grow in number, so too do the possibilities for what can be turned into an NFT. From digital art to concert tickets and property rights, the possibilities are endless.
The first non-fungible token was created in 2014, but the asset really took off in popularity in 2017 when the first collection of NFTs was launched on the Ethereum blockchain.