An NFT, or Non-Fungible Token, is a type of digital asset that represents ownership of a unique item or piece of content, such as art, music, videos, or virtual real estate, verified using blockchain technology. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, each NFT is distinct and cannot be exchanged for another NFT on a like-for-like basis. NFTs are created and managed through smart contracts on blockchain platforms such as Ethereum, using standards like ERC-721 or ERC-1155. This ensures the authenticity, provenance, and ownership of the digital asset, providing a transparent and immutable record. NFTs have revolutionized digital ownership and have enabled new forms of monetization and engagement for creators and collectors in various industries, including art, entertainment, and gaming.
