NFT stands for Non-Fungible Token, a digital token that is a type of cryptocurrency, just like Bitcoin or Ethereum. Simply put, non-fungible tokens turn digital artwork and other collectibles into unique and verifiable assets that are easy to trade on the blockchain. Because NFTs are unique, they can be bought, sold, and traded like trading cards. For example, NFTs are ideal for the digital representation of physical assets such as real estate and art.
According to FourCreeds: They can even be used to signify ownership of any one-of-a-kind asset, such as a document for a digital or physical object. NFT is a digital proof of ownership of a specific item that can be bought and traded via the Internet. NFTs live on Ethereum and can be bought and sold on an Ethereum-based NFT marketplace. They can only have one official owner at a time and are protected by the Ethereum blockchain, which means that no one can edit the ownership record or copy/paste an existing NFT.
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