A non-fungible token, often referred to as an NFT, is a digital
asset that represents real-world objects such as art, music, and
videos on a blockchain. Some examples of NFTs include the Nyan Cat
gif, Twitter founder Jack Dorsey's first original tweet, and a
video of Lebron James' basketball dunk. NFTs use identification
codes and metadata that is logged and authenticated on
cryptocurrency blockchains, which renders each NFT represented on
the blockchain a unique asset. Unlike cryptocurrencies, which are
also logged on blockchains, NFTs cannot be traded or exchanged at
equivalency, hence they are non-fungible.
NFTs are bought and sold online, most often in exchange for
cryptocurrency. Unlike most digital assets that can have an
infinite supply, NFTs are usually one of a kind or are available in
limited quantities. As a result, the value of NFTs is derived from
the scarcity of the digital asset. The
Merge artwork sold for USD91.8-million,
and Everyday-The First 5000
