What is NFT (Non-fungible token)?

NFT stands for Non-Fungible Token created by the English Scientist Tim Berners – Lee in 2021 that portray the ownership of various digital items like photos, videos, audios and other types of digital files or any other real-world objects like art, music etc from when he invented the World Wide Web in 1989.

So, before we dig deep into its uniqueness let’s explore what NFT actually means and how it functions.

The term Non-fungible itself means unique, approximately which is irreplaceable. The NFTs are designed in such a way that gives them ownership of the work to the creator which means the specific work of the artist can’t be copied and the artist himself can retain the copyright, though the original piece is owned by one person while the Monet print can be bought by anyone.

The NFT has been showing growth in terms of buy and sells of digital artwork lately though it has been in circulation since 2014. NFT existed in the form of a blockchain like a distributed public ledger that records transactions.

Generally speaking, an NFT is developed from digital objects which can be tangible or intangible. In simple terms, we can say NFT is a physical collector item in digital format. The trend of digitalization has been surged of late and with the change of trend, there has been the shift of taste from physical format to a digital format. Let’s illustrate an oil painting, nowadays people prefer digital files of the painting instead of physical form.

Its digital ownership in a simpler way makes NFT very unique.