A non-fungible token, or NFT, is a unique digital unit stored on blockchain technology. Unlike cryptocurrencies like Bitcoin and Ethereum, the NFT is non-fungible because it represents the ownership of a single digital item that cannot be replicated.
What can NFT represent?
NFTs can be used to represent:
Images and artworks
Videos
Audio files
Other digital items (such as in-game assets)
NFTs act like a digital certificate of authenticity that proves your ownership of the original work, even if the content is copied or traded.
How does NFT work?
Although the original file can be easily copied and shared, the true owner remains known on the blockchain through the NFT associated with the item.
Each ownership transaction is recorded publicly, providing high transparency and security.
History and growth:
The first NFT project was launched in 2015 on the Ethereum network.
Interest has grown with the spread of cryptocurrencies and the emergence of new blockchain applications.
In 2021, NFTs experienced a massive boom, with sales exceeding $2 billion in the first quarter alone, which is 20 times more than the previous quarter.
Why is NFT important?
It provides artists and creators a way to protect their rights and sell their works securely.
It allows users to own unique digital assets of value.
Conclusion:
NFTs have changed the concept of digital ownership, becoming a massive market for both creators and investors🌐
