Non-Fungible Token (NFT) is a form of digital asset that establishes the ownership and authenticity of an item or work within the scope of the blockchain. As a non-fungible token, each NFT has unique characteristics that differentiate it from other cryptocurrencies.
Built on blockchain technology, NFTs provide a transparent and decentralized framework for recording and verifying ownership of a digital entity. The uniqueness of NFTs allows artists, content creators, and even brands to offer buyers exclusive and authentic digital works. NFTs have created a wave of transformation in the digital art, gaming and entertainment industries by providing guarantees of authenticity that were previously difficult to achieve.
NFT applications expand across a variety of sectors, allowing creators to earn royalties every time their work is re-traded. Smart contracts, are often backed by NFTs, facilitate the automatic distribution of royalties, creating a fairer and more transparent economic model.
Read More Vocabulary
| Blockchain | Smart Contract |
| All-Time High (ATH) | All-Time Low (ATL) |
| Slippage | Web3 |
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