The acronym ‘NFT’ stands for non-fungible token. An NFT is a unique digital asset with registered ownership on a blockchain. It can be an image, a video, a music file, or any sort of data with provable ownership. Think of an NFT as a digital baseball card with a certificate of authenticity that is registered on the blockchain.
Today, many NFTs are expressed as digital art. An artist may create a unique painting or picture and place the digital version for sale online for buyers to bid on. Other use cases for NFTs can be digital collectibles, concert tickets, video game items, and more. Because NFTs are ‘non-fungible’, it means they cannot be interchanged with similar items. In other words, they represent true unique data on the blockchain.
Can’t I just copy or download the NFT image and save it to my device? Yes, you can. But merely saving a copy of the image does not prove ownership of the original NFT. Anyone can print a copy of the Mona Lisa, but only one person can own the original, and this is exactly how the blockchain is used to verify the true owner.
The world of NFTs is just getting started. Soon they’ll be used as unique items in video games, collectibles from sports teams and athletes, and continue to grow as an art form on the world wide web.