NFT stands for a non-fungible token, a crypto asset created on the blockchain. It can be a digital security or a virtual representation containing an intrinsic value and a unique identifier that cannot be replicated.
NFTs offer a unique way to represent any asset with value as a digital asset on the blockchain, empowering both creators of such assets and their owners with excellent benefits. NFTs are powered by smart contracts on the blockchain and redefine the experience of creating and owning digital collectibles.
Ethereum is the biggest ecosystem for NFTs, where they are created using the ERC-721 token standard. NFTs in the form of digital art and content can be created or minted, bought, sold, traded, or held as valuable virtual assets with unique ownership characteristics.
In addition to revolutionizing digital collectibles and experiences such as gaming, NFTs can also be used to tokenize real-world assets and make them tradable on the blockchain. An NFT offers a digitally unique and publicly verifiable way to create and own content powered by blockchain technology.