NFTs, or Non-Fungible Tokens, are unique digital assets that represent ownership of a specific item or piece of content, like art, music, or videos. Unlike traditional currencies or cryptocurrencies like Bitcoin, which are interchangeable, each NFT has distinct information that makes it one-of-a-kind. This uniqueness is what gives NFTs their value, as collectors and fans are willing to pay for exclusive ownership of digital creations.
NFTs are bought and sold on various online platforms, often using Ethereum, a popular cryptocurrency. Artists and creators can benefit from NFTs by selling their work directly to buyers, while also retaining the ability to earn royalties on future sales. This new technology is changing how we think about ownership and creativity in the digital world.