What are NFTs? Everything you need to know about non-fungible tokens – ABC News

What are NFTs? Everything you need to know about non-fungible tokens – ABC News

Explaining the unique digital assets.

From digital art and published columns, to sports highlights, viral photos and even memes, NFTs can take the form of virtually any type of online content and these irreplicable tokens have skyrocketed in popularity.

Simply put, a non-fungible token is a one-of-a-kind asset that lives online and is managed in a digital ledger.

These digitally unique assets are attached to a distinct value with a certificate of authenticity, so even though it exists online, the asset can’t be easily and endlessly duplicated. That’s because each NFT exists on decentralized digital platforms based on blockchain technology. Transactions on a blockchain platform are written to a digital ledger. That ledger publicly records every NFT transaction to confirm the item’s ownership.

Blockchain supports replicable tokens including Ethereum and other cryptocurrencies — which were once viewed as unstable and confusing, but have seen a meteoric rise among
Source…