Simply said, NFT stands for the non-fungible token, which means these are not interchangeable with other things because each NFT is unique. NFTs can be used to represent the ownership of unique items. These are part of the Ethereum blockchain. If you’re not familiar with Ethereum, it’s an open-source, decentralized blockchain with smart contract functionality. Ether is this platform’s cryptocurrency which is created in 2013 by programmer Vitalik Buterin. Ether cryptocurrency is like bitcoin or dogecoin, but it’s different from the former because it supports these NFTs that store extra information.

NFTs are basically tokens that we can use to represent ownership of unique items like art, collectibles, etc. In all of it, there would be only one official owner at a time and they’re secured in a way that no one can modify the record of ownership. NFT is a life-changing opportunity for any digital artist and it will empower digital art and the collectibles world, all thanks go to the crypto audience.

An NFT can only have one owner at a time. Ownership management is processed through the uniqueID and metadata, that can never replicate by any other token. A code has been executed when a person creates or mints an NFT. These codes are stored in smart contracts that conform to different standards. This information is added to the blockchain where the NFT is being managed.