What is an NFT? - long version

NFT’s are digital proofs of authenticity and ownership of a digital collectible.

Just like a physical collectible, its NFTs can be traded on a marketplace. Because each NFT is unique and is on the decentralised blockchain, there is full transparency and traceability of each NFT and its transactions.

Each NFT has a unique digital signature that can be verified on the blockchain. This allows identification of who owns it and the specific digital content associated with it.

NFTs can be linked to all kinds of digital content, such as artwork, music, videos, virtual possessions in video games, collectibles and more. The NFT acts as a proof of ownership for those digital assets, like a certificate of authenticity on an artwork.

Because each NFT is unique, they cannot simply be replaced by another NFT of the same value.

This makes them valuable for verifying provenance, authenticity and ownership of both physical and digital assets.