What is an NFT?

NFT stands for non-fungible token. Fungibility is defined simply as “the ability of an item to be replaced with another identical item”. To understand what this means, simply think of most of the things you own. Your phone, your laptop, your chair. Anything you could go and sell on eBay falls under the category of non-fungible items.

NFTs are digital tokens that are stored on the blockchain in the form of a ‘smart contract’. These tokens can be used to represent ownership of many things, including art, videos, music, domain names, virtual experiences, and even real-world objects.

A unique digital signature is used when an NFT is placed onto the blockchain. This means that only one signature can be the sole owner of any single NFT. This makes every NFT unique.