While NFTs are still a relatively new phenomenon, they are already having a major impact on the world of digital art and collectibles.

What is an NFT?

NFT stands for non-fungible token: a virtual “deed” for digital assets including art, music, collectibles, or even property.

Only one person can claim ownership of the asset, and it can’t be traded on a one to one basis because its price is based on its uniqueness and scarcity. That’s the non-fungible part of an NFT.

What are the benefits of NFTs?

One of the main benefits of using NFTs to purchase assets is something we just covered: proof.

Thanks to the blockchain, NFTs prove the authenticity of an asset, along with ownership, and that record can never be altered - unlike most digital and physical records that exist today.

What’s in store for the future?

Despite some of the negative news around them, NFTs make some pretty incredible things possible: they empower artists and creators, create tamper-proof records and allow massive amounts of data to be tracked and verified.