What are NFTs
NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated
NFT's or 'Non Fungible Tokens' are assets on the blockchain that have unique identification codes that mean they cannot be swapped for traded for an equivalent asset. They are totally unique. This is different to cryptocurrencies where, for example, one Ethereum coin can be traded for any other Ethereum coin.
- NFTs can represent real-world items like artwork and real estate.
- "Tokenizing" these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud.
- NFTs can also function to represent individuals' identities, property rights, and more.
- One of the most hyped spaces is the NBA top shots, which have created digital cards of famous moments in the game.