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An NFT is, in the simplest terms possible, a type of inalienable, non-fungible token enabled by blockchain technology. The ownership or rights it provides can refer to anything (stock shares, event tickets, etc.), not necessarily digital art. The NFT is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership.
NFTs are cryptographic assets existing on a blockchain with unique identification codes and metadata that distinguish them from each other but which also makes them inalienable and irreplaceable.
Unlike cryptocurrencies such as Bitcoin, NFTs cannot be traded or exchanged at equivalency. No two NFTs are completely identical with one another, which allows the ownership of each and every one of them to be extra secure. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.
NFTs are most commonly associated with digital art and collectibles following the popularity boom that these have enjoyed since early 2019. But an NFT is a type of token that can refer to many different things besides art, depending on what the minter(s) of the project choose to represent as a token on the blockchain.
Here at MetaWealth™ we tokenize shares of real-world real estate assets and mint them as tokens in a similar way as an NFT.
Extra reading:
https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq
https://www.investopedia.com/non-fungible-tokens-nft-5115211
If you have any other questions please feel free to reach out to us using the contact us page.
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