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)?

An NFT (non-fungible token) is a unique digital item stored on a blockchain. NFTs can represent almost anything, and serve as a digital record of ownership. Fungible vs. non-fungible Before we dive into NFTs, it’s important to understand the “non-fungible” part of “non-fungible token.”

Are NFTS still a new technology?

• NFTs are still a brand-new technology, and we can’t yet see all of the ways in which they will be used. Digital scarcity is a genuinely important concept that will open up an entirely new economy of unique digital goods, and we should be patient and open-minded while we wait to see what’s going to be built with them.

Are NFTS interoperable?

While true interoperability is still slightly out of reach, ideally, NFTs will be able to be used across different platforms and virtual worlds within the metaverse in the future, allowing users to bring their digital items with them as they navigate between various experiences.