What does NFTs mean?

NFTs Explained: What they are? What are NFT's used for?

You must off by now heard of the word NFTs, but still wondering what are they? and what are they used for? in this article from Women Web3 Arabia #WW3A. We are breaking down the meaning of NFT's in easy sections, as per below:

NFTs, or Non-Fungible Tokens, are digital assets that represent ownership of a unique item. They are used to store and trade digital items such as art, music, videos, gaming assets, and other forms of media. They are different from traditional cryptocurrencies because they can be used to represent real-world assets without the need for a third party. NFTs have become increasingly popular in recent years due to the rise of blockchain technology and the ability to tokenise nearly anything.

How NFTs work?

Non-Fungible Tokens (NFTs), are tokenised on a blockchain, meaning they can be bought and sold like any other cryptocurrency, but their value is derived from the unique item they represent. NFTs can represent anything from artwork to collectibles, and even real-world assets like property or cars. By tokenising these items, it allows for more efficient ways to transfer ownership and create new markets for digital assets.

What makes NFTs Unique Assets?

Non-fungible tokens (NFTs) are digital assets that are unique and not interchangeable. meaning they are secured by blockchain technology and they cannot be replicated or exchanged for other tokens.

What does tokenise mean?

Tokenisation is the process of converting an asset into a digital form that can be securely stored on the blockchain. This allows for the asset to be exchanged quickly and securely without having to go through traditional methods such as banks or brokers.