NFT stands for "Non-Fungible Token".
It is a type of digital asset that represents ownership or proof of authenticity of a unique item or piece of content, such as artwork, music, videos, or even virtual real estate in online games.
Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged for one another, NFTs are unique and cannot be replaced with something else.
They are typically bought, sold, and traded on blockchain platforms, using cryptocurrencies as the means of transaction. NFTs have gained popularity in the art world, as artists can create and sell digital artwork with exclusive ownership rights attached to them.
Additionally, NFTs have been used in other industries such as sports trading cards, virtual collectibles, and virtual real estate.
