What is an NFT?

Non-Fungible Tokens (NFTs) are a type of cryptographic token on a blockchain where each token is unique and not interchangeable(Non-Fungible). 

NFTs give the ability to assign or claim ownership of any unique piece of digital data, trackable by using the blockchain as a public ledger. An NFT is minted from digital objects as a representation of digital or non-digital assets.

There are various frameworks for the creation and issuance of NFTs. The most prominent of these is ERC-721.

For example, an NFT could represent:

Digital Art: Real-World Items:
  • GIFs
  • Deeds to a car
  • Collectibles
  • Tickets to a real world-event
  • Music
  • Tokenized invoices
  • Videos
  • Legal documents
  • Signatures

Please Note:

Some NFTs will automatically pay out royalties to their creators when they're sold. This is completely automatic so creators can just sit back and earn royalties as their work is sold from person to person.

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