What are NFTs?

BitBlog

Published: Nov 1st, 2024



Introduction


Non-Fungible Tokens (NFTs) are digital tokens that represent unique items. Unlike cryptocurrencies like Bitcoin, which are interchangeable, each NFT has distinct properties and can't be replaced with something else.



How NFTs Work


NFTs are minted on blockchains like Ethereum using standards like ERC-721 or ERC-1155. Each NFT includes metadata that defines its characteristics and links to the digital asset it represents.



Popular Use Cases


  • Art & Collectibles: Digital art pieces with verifiable ownership.
  • Gaming: In-game items & land with real-world value.
  • Music & Media: Creators selling exclusive content to fans.
  • Identity & Memberships: Token-gated access to communities or perks.


Why They Matter


NFTs empower creators by enabling direct monetization and transparent ownership. They’re reshaping how we think about value, property, and creativity in the digital world.



Conclusion


Whether you’re a creator, collector, or curious newcomer, NFTs are a key part of the Web3 movement — redefining ownership in the digital age.




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