NFT
Non-Fungible Token — a unique on-chain asset whose ownership is tracked on a blockchain.
A Non-Fungible Token (NFT) is a token where each unit is unique and not interchangeable with any other — unlike fungible ERC-20 tokens where one unit equals another. NFTs are typically implemented using ERC-721 or ERC-1155 on Ethereum. Ownership and transfer history are recorded immutably on-chain.
NFTs can represent digital art, music, video game items, domain names, event tickets, real-world asset deeds, and more. The 2021 boom saw individual JPEGs selling for tens of millions of dollars; the subsequent bust revealed speculative excess had outpaced genuine utility.
Core ongoing use cases include gaming (verifiable item ownership), digital identity (ENS names, Soulbound tokens), event ticketing (preventing counterfeiting and enabling royalties), and tokenisation of real-world assets.