What are NFTs?

A Non-Fungible Token (NFT) is a unique type of cryptographic token that enables the tokenization of unique units of data to be stored on a blockchain.

NFTs can essentially represent anything that is unique, with their most common use case today being tokens that represent digital artwork.

However, contrary to many beliefs, NFT’s use cases do not stop at verifying true authenticity and ownership of artwork alone.

NFTs can represent anything that is not fungible. This means that anything with unique properties now has a way to be cryptographically represented in order to be stored on a blockchain to benefit from its unique features.

NFTs can be used to represent anything from the deeds to a house to a receipt for a product or service.

In the future, it’s likely that all unique units of data will be represented as NFTs in one way or another because they’re securer ways of storing valuable data and they’re extremely accessible, which makes traditionally illiquid assets much more liquid.