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An NFT, or non-fungible token, is a token that expresses the ownership of a novel digital, or sometimes 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 express digital ownership of various items. These items may be anything from photos to movies to songs, and because NFT ownership is recorded via the blockchain, they can be traded, purchased and sold through 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. If you alternate a bitcoin with another person, you will still have 1 bitcoin with the same utility and the same value. NFTs, then again, each signify a singular item.  
  
How do NFTs work?  
The protocol for trading and issuing NFTs is called ERC-721. Standing for Ethereum Request for Remark- 721, this is a smart contract protocol on the Ethereum blockchain that not only permits for a token to be traded and issued, but also for it to comprise the qualitative information obligatory to describe and store the information of an NFT in its smart contract. It is the first token normal to do so, and operates on the Ethereum blockchain.  
  
Since ERC-721, other token standards equivalent to ERC-1155, which allows for the outline of fungible and non-fungible tokens and TRON’s own TRC-721, have arisen, permitting for more flexibility and interoperability for NFTs.  
  
Marketplaces corresponding to OpenSea and Nifty Gateway provide places the place people should purchase and sell their NFTs. After all, because many NFTs exist on the Ethereum blockchain, which has lower throughput, the gas fees needed to mint NFTs can be quite high.  
  
It is very important note that though the smart contract protocol of an NFT represents ownership, it isn't an analog for copyright, and isn't 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, art, music, in-game items, and even digital property can be expressed via 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 allow individuals to really own in-game items, permitting for their utilization across games and for players to monetize their experience. When it involves music, it allows for artists to connect more with their fans, corresponding to allowing NFT holders to achieve unique access to unreleased music or even perks at events. And of course with art pieces, artists now have one other, more direct avenue to make money.  
  
Art  
NFTs have proven to be an excellent 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 help a favorite artist.  
  
Creators like Beeple have famously seen a variety of success from NFTs, and it is because of their large success that other artists, and well-known public sale houses like Sotheby’s, have adopted NFTs and further proven their use case within the art world.  
  
Music  
As digital artists like Beeple have garnered large success off of the sales of their art as NFTs, the rest of the creative world has actually taken notice.  
  
In the music trade, 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.  
  
After which, like in any artistic industry, there is a point to be made about whether or not this technology can result in more equity. Because NFTs allow for artists to more directly connect with their fans, it additionally allows for a more direct avenue for profit, as entities such as labels don’t necessarily should be current and take a cut.  
  
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