NFT Mean
Published in
Jan 8, 2024
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 using blockchain technology. Unlike cryptocurrencies such as 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 like-for-like basis.
NFTs are often used to represent digital art, music, videos, virtual real estate, and other digital or digitized items. Each NFT is stored on a blockchain, typically Ethereum, and contains metadata that defines its uniqueness and ownership information. The use of blockchain ensures the scarcity, authenticity, and traceability of the digital assets represented by NFTs.
