Non-Fungible Token (NFT)

A non-fungible token (NFT) is a crypto asset that uses blockchain technology to record the ownership status of digital items like pictures, videos, and text. However, while anybody can view these virtual objects, only the person who purchases an NFT has the social status of being the item's owner. Art, music, in-game goods, and movies are examples of digital assets that can be minted as NFTs.

Aside from that, NFTs are usually unique and have a special identification code that distinguishes them from one another.

Most NFTs are purchased and sold online, usually through a cryptocurrency exchange. They are generally encoded using the same underlying software as many other digital currencies. Although they have been available since 2014, NFTs are rising in popularity because they are becoming increasingly popular for purchasing and selling digital artwork. Since November 2017, a whopping $2 billion has been spent on NFTs; this figure was an all-time high for the NFT space, and its growth doesn't appear to be slowing down any time soon.

Many NFTs are digital works already existing in other places, such as classic video clips from NBA games or securitized copies of digital art already oating around on Instagram. With a plethora of applications and technological possibilities, NFT has the potential to become increasingly appealing as we move towards becoming a more digitized society. As a consequence, industry experts predict that the entire market capitalization of non-fungible tokens will continue to grow far into the future.