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Image by Barbora Dostálová

Non-fungible token - NFT

NFT stands for Non-Fungible Token. It is a type of digital asset that represents ownership of a unique item or piece of content, such as digital art, music, videos, virtual real estate, and other digital objects. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged on a one-to-one basis.

NFTs are built on blockchain technology, which is a decentralized and transparent digital ledger that records ownership and transaction history. This makes NFTs verifiable, transparent, and secure. NFTs are typically bought, sold, and traded on online marketplaces using cryptocurrency, and ownership is tracked on the blockchain.

One of the key features of NFTs is that they allow creators and artists to monetize their digital creations by selling them as unique digital assets. NFTs provide artists with the ability to retain ownership and control over their digital creations, and they can receive royalties from subsequent sales or transfers of the NFTs.

NFTs have gained significant attention and popularity in recent years, with some high-profile sales of digital art and other digital objects reaching millions of dollars. However, they are also a relatively new and rapidly evolving space, with debates and discussions around topics such as environmental impact, copyright infringement, and the long-term value and utility of NFTs. As with any investment or digital asset, it's important to do thorough research and understand the risks and benefits associated with NFTs before participating in the market.

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