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An NFT, or non-fungible token, is a token that expresses the ownership of a unique digital, or generally physical, asset. Its data is stored in a smart contract on the blockchain, making it uniquely identifiable and its record of ownership immutable.  
  
What are NFTs?  
NFTs, standing for non-fungible tokens, are cryptographically distinctive tokens that categorical digital ownership of various items. These items can be anything from photos to movies to songs, and because NFT ownership is recorded by way of the blockchain, they are often traded, bought and sold via the blockchain. The information that identifies an NFT is recorded in smart contracts, and the info makes them distinctive, and thus non-fungible.  
  
To understand what makes something "non-fungible", consider what makes a bitcoin fungible, or exchangeable with one other bitcoin. In case you change a bitcoin with another particular person, you will still have 1 bitcoin with the identical utility and the same value. NFTs, however, every symbolize a unique item.  
  
How do NFTs work?  
The protocol for trading and issuing NFTs is called ERC-721. Standing for Ethereum Request for Comment- 721, this is a smart contract protocol on the Ethereum blockchain that not only permits for a token to be traded and issued, but additionally for it to comprise the qualitative information essential to explain and store the information of an NFT in its smart contract. It is the first token normal to take action, and operates on the Ethereum blockchain.  
  
Since ERC-721, other token standards resembling ERC-1155, which allows for the outline of fungible and non-fungible tokens and TRON’s own TRC-721, have arisen, allowing for more flexibility and interoperability for NFTs.  
  
Marketplaces similar to OpenSea and Nifty Gateway provide places the place people can buy and sell their NFTs. In fact, because many NFTs exist on the Ethereum blockchain, which has lower throughput, the gas charges needed to mint NFTs could be quite high.  
  
It is important to note that although the smart contract protocol of an NFT represents ownership, it shouldn't be an analog for copyright, and is not enforceable by judicial bodies.  
  
Use cases  
Because NFTs can describe digital ownership of distinctive items, one can think of all the distinctive items within the digital (and physical world) when considering applications of the technology. Ownership of concert tickets, artwork, music, in-game items, and even digital property could be expressed by means of NFTs. This is what makes them so exciting, and why platforms like Instagram are looking to integrate NFTs into their platform.  
  
They're what can provide gaming more dimensionality and permit folks to really own in-game items, allowing for their usage across games and for players to monetize their experience. When it involves music, it allows for artists to connect more with their fans, comparable to permitting NFT holders to gain exclusive access to unreleased music or even perks at events. And naturally with art items, artists now have one other, more direct avenue to make money.  
  
Artwork  
NFTs have proven to be an incredible way for artists to more easily sell their works. On the customer side, this has provided a more direct way to work together with and support a favorite artist.  
  
Creators like Beeple have famously seen numerous success from NFTs, and it is because of their large success that other artists, and well-known auction houses like Sotheby’s, have adopted NFTs and further proven their use case in the artwork world.  
  
Music  
As digital artists like Beeple have garnered large success off of the sales of their artwork as NFTs, the remainder of the creative world has definitely taken notice.  
  
In the music industry, an NFT may not only categorical ownership of an artist’s music, but also tickets to a show, and even stems from the production of a song.  
  
And then, like in any creative industry, there's a point to be made about whether this technology can bring about more equity. Because NFTs permit for artists to more directly join with their fans, it also permits for a more direct avenue for profit, as entities such as labels don’t necessarily have to be current and take a cut.  
  
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