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What is NFT (Non-Fungible Token)?
An NFT is a unique digital asset on a blockchain that represents ownership of a specific item — art, music, collectibles, or in-game items. Unlike crypto coins, each NFT is one-of-a-kind.
Full Explanation
A Non-Fungible Token (NFT) is a blockchain-based token that represents ownership of a unique digital or physical item. Unlike Bitcoin or ETH (fungible — each unit is interchangeable), each NFT has distinct properties and cannot be swapped 1:1 with another. NFTs use standards like ERC-721 (Ethereum). Use cases include digital art, music, gaming items, virtual real estate, event tickets, and proof of authenticity. The NFT market peaked in 2021-2022 but continues evolving with utility-focused NFTs.
Example
Bored Ape Yacht Club NFTs sold for millions. In India, cricket-themed NFTs on platforms like FanCraze gained popularity. Most NFTs are traded on OpenSea.
Related Terms
Last updated: 2026-03-21
