NFT stands for non-fungible token.

Non-fungible token ownership. For example the first-ever tweet on Twitter by Jack Dorsey was sold for 29 million. By being registered on open blockchain ledgers which anyone can view if they wish to tracking. Furthermore they prove ownership through their cryptographic features.

We have proven that valuable objects which are uncommon and in short supply may provide value to a community and that value can be documented on the Blockchain. So the idea is that each unique non-fungible token can be separated to equal similar fungible parts. The unique identity and ownership of a non-fungible token are verifiable via the blockchain ledger.

A token proves ownership of an asset. For example a deed to your house is a sign of ownership to that plot of land and building. Powered by ERC-721 an Ethereum-based indivisble smart contract a non-fungible token is a cryptographic token that is unique for individual intellectual property tracing Non-Fungible tokens are digital assets written on smart contracts.

When a digital asset is created such as an artwork that does not exist in the physical realm an NFT will be minted for it. Something is rewarding about using a non-fungible token on the blockchain namely the ability to trace ownership. Non-fungible tokens can be used to create different ownership scenarios.

If an asset is non-digital a blockchain token can convey ownership. Understanding How Non-Fungible Tokens Operate. A Non-Fungible Token is a token stored on the blockchain which itself is a secure distributed database with redundancy immutability and clarity into tracking data or ownership.

These tokens use the blockchain to make it easy to verify authentic artwork and digital ownership. They can only have one official owner at a time and theyre secured by the Ethereum blockchain no one can modify the record of ownership or copypaste a new NFT into existence. A Conversation About NFTs February 27 2021 July 5 2021 Non-Fungible Tokens NFTs have recently burst onto the scene as a new and legitimate way to own license and commercialise assets changing what we previously conceived as truly owning both digital and real-world assets.