What is Non-fungible token (NFT)? A short discussion about NFT Terms used in NFT

Abstract

Non-fungible tokens (NFTs) may initially sound like a fancy jargon, but they are actually rather simple to comprehend. Blockchain-based non-fungible tokens (NFTs) are digital items that are often linked to one-of-a-kind digital material, like music or photographs. A multi-billion dollar NFT market has appeared overnight thanks to a recent flurry of public interest. NFT collections are being produced by brands like Coca-Cola, Nike, and conventional artists like Damien Hirst and Grimes, as well as mainstream consumer goods businesses. Individual NFTs may fetch millions or tens of millions of dollars [1].