If the video doesn’t play, please refresh the page.
What Is NFT? - Non Fungible Token
This video on “What is NFT” covers all the important concepts you need to know about Non-Fungible Tokens (NFTs) in a clear and comprehensive way. We start by explaining what NFTs are, breaking down the meaning of Non-Fungible Tokens and how they differ from traditional fungible assets like cryptocurrencies such as Bitcoin and Ethereum. You’ll learn exactly what makes NFTs unique, indivisible, and irreplaceable, and why they have become such a revolutionary concept within blockchain technology.
We’ll also dive into how NFTs work — from their creation (or minting) on blockchain platforms like Ethereum, to how ownership, provenance, and transaction history are securely recorded on the blockchain. Additionally, we’ll explain how NFTs are different from other cryptocurrencies despite operating on the same underlying technology, and why their uniqueness makes them ideal for representing digital art, music, collectibles, virtual real estate, and more.
This video also explores how NFTs surged in popularity, fueled by artists, creators, and the booming metaverse economy. Finally, we’ll discuss the potential future of NFTs and their implications for the world’s economic systems, intellectual property rights, and digital ownership. By the end, you’ll have a thorough understanding of NFTs and why they matter.
Definition:
An NFT (Non-Fungible Token) is a unique digital asset stored on a blockchain that represents ownership or proof of authenticity of a specific item — such as art, music, video, game item, or even real estate.
Unlike cryptocurrencies like Bitcoin or Ethereum (which are fungible, i.e., interchangeable), NFTs are one-of-a-kind and cannot be swapped on a 1:1 basis.
🔗 How NFTs Work (On a Technical Level)
1. NFTs live on blockchains (usually Ethereum, but also Solana, Polygon, etc.)
2. They are created using smart contracts and standards like ERC-721 (Ethereum) or SPL (Solana)
3. Each NFT contains metadata and a unique token ID that makes it verifiably distinct
4. Ownership is stored publicly on the blockchain — transparent & tamper-proof
⸻
📦 What Can Be an NFT?
• Digital Art (e.g., Beeple, XCOPY)
• Music (e.g., Snoop Dogg tracks on OpenSea)
• Virtual Land (e.g., in Decentraland or The Sandbox)
• Gaming Items (e.g., Axie Infinity, skins, weapons)
• Profile Pictures (e.g., CryptoPunks, Bored Ape Yacht Club)
• Domain names (e.g., alex.eth)
• Event tickets or memberships (proof of attendance NFTs, token-gated access)
🌍 Popular NFT Marketplaces
• OpenSea – Ethereum, Polygon, Solana
• Magic Eden – Solana, Bitcoin NFTs
• Blur – Pro-trading for Ethereum NFTs
• Zora – Creator-focused marketplace
• Foundation – Digital art-focused
⸻
🧾 What Gives NFTs Value?
• Scarcity (limited editions or 1/1s)
• Utility (access, in-game use, DAO voting)
• Provenance (who created or owned it)
• Community / Hype (some projects go viral)
• Artistic value (like digital galleries)