What is an NFT?

NFT stands for Non-Fungible Token, which is a digital data unit on the blockchain ledger. This data unit can represent items such as images, videos, audios, or other digital files.

At first glance, people may question how it differs from clicking on an online image and downloading it. The main difference between an NFT and a regular file lies solely in the ownership rights that an NFT provides.

An NFT serves as authentication from the artist that the purchased artwork is genuinely sold by them. Therefore, minting (or creating) an NFT is akin to "inscribing" an artwork and selling it.

Collectors who buy NFTs own the NFT itself but do NOT own the copyright and reproduction rights. These rights still belong to the original artist.

In the digital world, NFTs provide a means for creators, brands, and collectors to share authentic works with each other.