What is NFT & how does it work?

In many NFT sales, what the buyer gets is simply the unique entry in the blockchain database that identifies them as the owner of the digital good — the token, rather than the thing the token represents.

What is a non-fungible token (NFT)?

A NFT is basically a unique digital asset. From art to a video clip to a music sample — anything that lives on a machine could be an NFT. The difference is all in the term “non-fungible.” Fungible tokens or things are not unique. Also, fungible tokens are divisible. Non-fungible tokens may be used to represent any asset.

Is Jack Dorsey's first tweet an NFT?

And on Friday, Twitter CEO Jack Dorsey listed his first-ever tweet as an NFT. Digital artist Beeple posted a new work of art online every single day for 5000 days. Those pieces have been brought together in one digital collage EVERYDAYS: THE FIRST 5000 DAYS, minted as an NFT and is being auctioned off by Christie's.

Are two NFTS from the same blockchain interchangeable?

Two NFTs from the same blockchain can look identical, but they are not interchangeable. NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent digital or real-world items like artwork and real estate.