What is an NFT?
NFT stands for 'Non-Fungible Token.' This is a digital asset that is placed upon the blockchain that proves ownership and authenticity. The word 'non-fungible' refers to the fact that NFTs are unique digital identifiers that can't be copied, substituted, or subdivided. Although most people associate NFTs with pictures, commonly referred to as JPEGs, an NFT can be anything from:
- Pictures; art, avatars, stickers, etc.
- Audio files; music, speeches, podcast, etc.
- Text; documents, stories, poetry,
- Video; movie, TV show, music video,
- Subscriptions to a service
- Real estate ownership
- Access tokens
- Much more
The file, subscription, picture, etc are not the NFTs. Rather the NFT is the token which certifies that the holder is the actual owner of that asset
Disclaimer: It is important that an NFT is unique and not a copy of someone else's work to avoid copyright infringement. Be careful with buying NFTs from new creators, its possible that you are buying a copy of another artist. Make sure you do your own research.