Non-fungible Tokens (NFTs) and Digital Art

Abstract

Non-fungible tokens (NFTs) represent a groundbreaking shift in the digital ownership paradigm, leveraging blockchain technology to certify uniqueness and ownership of digital assets. Unlike fungible tokens, such as cryptocurrencies, which are interchangeable and hold the same value (one Bitcoin is always equal to another Bitcoin), each NFT is unique or ‘non-fungible’ and cannot be exchanged on a like-for-like basis. This uniqueness and indivisibility make NFTs the perfect vehicle for digitally representing ownership of unique items, from digital art to virtual real estate.