What is an NFT?

  • Updated

NFT is an abbreviation for non-fungible token. NFTs prove ownership of a unique digital asset like: art, music, collectibles, GameFi tokens, videos or anything else linked to blockchain technology.

If you buy a physical painting, you know it’s the original because you see the artist’s signature on the canvas. Somebody could photocopy the painting, but they don’t own the real painting; you do.

Just like a physical painting, NFTs give you proof of ownership and authenticity of the original asset which increases your asset's value.

 

NFTs show proof of ownership and therefore increased value because they show:

  • Who created it
  • When it was created
  • Who bought it (and when)
  • The price(s) it sold for
  • Who owns it now
  • The information about NFTs publicly via blockchain

Note: NFTs can contain any data the creator wants to include but, the above are most relevant.

 

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