NFTs (Non-Fungible Tokens) are unique digital assets, stored on a blockchain, that represent ownership of a specific item such as a piece of artwork, music, video or collectible. Unlike cryptocurrencies, NFTs cannot be exchanged on a one-to-one basis because each NFT has its own unique attributes and characteristics. This allows for scarcity and authenticity to be established, leading to NFTs being used as a form of ownership and authentication for digital assets.
What are NFTs, and should your business care?