An NFT (Non-Fungible Token) is a unique digital asset that represents ownership or proof of authenticity of a specific item or piece of content, such as artwork, music, videos, or virtual goods. Unlike cryptocurrencies such as Bitcoin or ADA, which are fungible and can be exchanged on a one-to-one basis, NFTs are indivisible and unique, making each one distinct from any other.
- Uniqueness: Each NFT has a unique identifier, making it distinct from any other token. This uniqueness is often what gives an NFT its value.
- Indivisibility: NFTs cannot be divided into smaller units. They are bought, sold, and owned as whole tokens.
- Ownership and Provenance: The ownership history and authenticity of an NFT can be tracked and verified on the blockchain, providing a clear chain of custody.
- Interoperability: NFTs can be traded and transferred across different platforms and marketplaces that support the same standards.
More on NFTs later, when we create our first token gate!
