What is an NFT?
An NFT is a non-fungible token, which is typically an image or other digital asset, that is associated with a unique piece of computer code written on a blockchain to verify ownership and authenticity. It is somewhat similar to a deed to a house, except ownership is in a unique digital asset instead of a unique house, and the ownership information is recorded on a blockchain instead of a ledger at the county recorder. Because each NFT is unique, and thus potentially rare and collectible, some have become more valuable than others. This is different from a fungible asset, like a dollar bill, where each has exactly the same value and is interchangeable for any other.