NFT stands for non-fungible token.
NFTs are sets of data – known as digital tokens – on a blockchain. Each token is associated with a singular digital or physical item. The token defines both proof of ownership, and proof of authenticity. Each NFT is unique, because each has unique data that cannot be replicated.
Some of the most popular use cases for NFTs include:
- Collectibles
- Items in blockchain games
- NFT art
- Metaverse land
- NFT music
As an example, digital art can be minted by the artist to prove its authenticity.