Lesson 7
What is an NFT?
Non-fungible tokens explained
NFT stands for Non-Fungible Token – a digital proof of ownership that is unique. Unlike Bitcoin (fungible = interchangeable), every NFT is a one-of-a-kind.
NFTs can represent artworks, collectibles, music, virtual land or game items. Ownership is permanently verified on the blockchain.
The NFT market boomed in 2021 with billions in sales. Today NFTs are a staple of gaming, the metaverse and digital brands.
Caution: not every NFT has real value. Check legitimacy and understand what you are buying.