An NFT, or non-fungible token, is a unique digital asset that represents ownership of a specific item or asset. NFTs are stored on a blockchain and are unique in that they cannot be exchanged for other assets on a one-to-one basis. This is because they are non-fungible, meaning that they are not interchangeable and have unique characteristics that make them distinct from other assets.
NFTs are often used to represent digital assets such as art, music, videos, and other forms of media. They can also be used to represent ownership of physical assets, such as real estate or collectibles. NFTs are gaining popularity as a way to authenticate and prove ownership of digital assets, and to create new markets for digital collectibles and other unique items.
One of the key features of NFTs is that they are immutable, meaning that they cannot be altered or counterfeited. This ensures that the ownership and authenticity of the underlying asset is verifiable and secure.