Ref: medium

What is an NFT? –

NFTs are a new type of digital asset that can only be transferred between users and is not stored on a central server. They are similar to cryptocurrencies, but they use blockchain technology to secure their transactions.

NFTs have the potential to revolutionize the way we store and transfer assets. NFTs are built on the Ethereum blockchain, so they use Ether as their currency. They can be created through a process called “smart contracts,” which allows for new NFTs to be issued without a central authority.

Note that the term “nFT” is used here as a shorthand for any digitally-issued asset. NFTs are often compared to traditional securities, such as stocks or bonds, but they have some distinct differences from those securities. This is why they are sometimes referred to as “digital securities.”

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