Non-fungible tokens (NFTs) are digital assets that represent ownership of a unique item or asset, such as a piece of art or collectible. They use blockchain technology, which allows for the creation of unique, verifiable, and indivisible tokens that can be bought, sold, and traded like other assets.
The concept of NFTs has been around since the early days of cryptocurrency, but they did not become widely known until 2017, when the Ethereum blockchain platform introduced the ability to create NFTs using smart contracts. Since then, the use of NFTs has exploded, with a wide range of digital assets being tokenized, including art, music, videos, and even tweets.
NFTs have been particularly popular in the art world, where they have been used to sell digital artwork for millions of dollars. They have also been used in the gaming industry to represent in-game items and other virtual assets, and in the music industry to represent exclusive releases and other unique content.
Overall, NFTs have opened up new possibilities for the creation, ownership, and distribution of digital assets, and they are likely to continue to play a significant role in the future of the digital economy.