Glossary

What is NFT?

NFT is short for Non-fungible token.

This is a type of Cryptographic token that represents an asset, and this digital asset comes with proof of ownership. The asset can be anything among Art (Designs of any theme), GIFs, Collectible things, Videos, Virtual avatars, Theme-based avatars, Video game skins, Music, and a few others.

These NFTs function as verifiable proofs of authenticity and ownership within a blockchain network. The value of each NFT is unique, and given how rare they are, the price varies and these NFTs are sold in secondary marketplaces across different chains and networks.

These NFTs can be kept as collectibles, or they can be sold in one of the secondary marketplaces based on the value they offer. For the issuance of the NFTs, several frameworks have been created, which include ERC-721 that is a framework set for issuance and trading of NFTs on the Ethereum blockchain. There have been some other chains actively picking up to offer NFTs, and one of them include Solana blockchain and the growth of NFTs has picked up here due to the negligible fee during trading.

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