What is a Non-Fungible Token (NFT)? - Art Market Terms

A non-fungible token is a unique digital asset verified using blockchain technology, representing ownership of a specific digital artwork or collectible. NFTs provide verifiable authenticity, scarcity, and transferability for digital creative works, revolutionizing concepts of digital ownership and artistic value. These blockchain-based assets have created new markets for digital art, challenging traditional art world structures and offering artists innovative monetization strategies.