Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
Unlike cryptocurrencies , they cannot be traded or exchanged in equivalence. This differs from fungible tokens like cryptocurrencies, which are identical to each other and can therefore serve as a medium for commercial transactions.
KEY FINDINGS
NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated.
NFTs can represent real-world items such as works of art and real estate.
The "tokenization" of these tangible real-world assets makes buying, selling, and trading more efficient, reducing the likelihood of fraud.
NFTs can also work to represent identities of individuals, property rights, and more.
Collectors have sought out NFTs because their value initially skyrocketed, but has since moderated.
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