NFTs: Understanding and Functionality
Understanding: NFTs NFTs, or non-fungible tokens, are a type of digital asset that represents ownership of a unique item, such as a piece of artwork or collectible. Unlike traditional digital assets, like JPEG or MP3 files, which can be easily replicated and distributed, NFTs are unique and cannot be replicated or replaced. NFTs are created using blockchain technology, specifically on the Ethereum blockchain. Blockchain is a decentralized, digital ledger that records transactions across a network of computers. Each block in the chain contains a number of transactions, and once a block is added to the chain, the information it contains is considered to be permanent and unchangeable. OR we can state that… NFTs, or non-fungible tokens, are digital assets that represent ownership of a unique item or piece of content, such as artwork, music, or collectibles. They are built on blockchain technology, which ensures that each NFT is one-of-a-kind and cannot be replicated or replaced. NFTs can