A beginners guide to NFTs

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In this article, we’re diving into NFTs: what they are, how they work, and what the future holds.

An NFT is a digital asset stored on a blockchain that is unique and impossible to replicate.

NFTs can represent anything from digital art to in-game items and even real-world assets like land or houses. Almost anything can be tokenized and stored on a blockchain as an NFT.

The key feature that makes NFTs so special and different from other digital assets is that they are non-fungible. This means that each NFT cannot be copied, substituted, or subdivided.

‘Fungibility’ is a property of goods or commodities whose individual units are interchangeable.

For example, one US dollar can always be exchanged with another US dollar. A barrel of crude oil is pretty much the same as any other barrel of crude oil.

This is not the case with NFTs.

NFTs are ‘non’-fungible precisely because each one is unique and cannot be replaced.

Each NFT has its own individual history that can be traced back to the original owner. This makes them perfect for collectibles, or for any digital asset where provenance (or ownership history) is important.

The uniqueness of each NFT means that they can also be used to represent real-world assets. For example, an NFT could represent a deed to a piece of land or a ticket to a concert.

While NFTs are still a relatively new phenomenon, they are already having a major impact on the world of digital art and collectibles. With more people becoming…

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