NFTs are Non-Fungible Tokens. Essentially, NFTs are digital representations of unique and indivisible things – both digital and physical. They can be used to represent digital collectables, artwork and music.
An NFT is only a signature showing ownership of the art or song and pointing to where the item actually exists, such as a location on the internet.
It may be useful to contrast this with cryptocurrencies such as Bitcoin that are fungible. For Bitcoin to function as a currency, it has to be fungible. In other words, all Bitcoin are equal and mutually interchangeable. You can’t have a unique Bitcoin.
NFTs on the other hand, are used to represent unique assets. Unlike banknotes or Bitcoin, no two NFTs are alike. They are unique and the information that identifies them, shows previous owners and can program rights around how they are used is defined in a smart contract.
One way to think about NFTs is that they are file format for blockchains. Just like file formats such as jpeg, gifs, or mp3 are used to transfer information (or data) over the internet, NFTs are used to transfer ownership information over blockchains such as Ethereum.
NFTs have various use cases including list below and so much more See unstoppable Domain for the next elevation of NFTdomains https://unstoppabledomains.com/ and check out the youtube channel
Art
Trading Cards
Gaming
Certificates of Authenticity
Login Credentials
Domain Names
Content
Music
Financial products
Event Tickets
Carbon Credits
This page and information will evolve and change over time #TOGRP
