A non fungible token (NFT) is a unique and non-interchangeable unit of data store on a digital ledger (blockchain). NFTs can be used to represent easily reproducible items such as photos, videos, audio and other types of digital files as unique items and use blockchain technology to establish a verified and public proof of ownership. Copies of original file are not restricted to owner of the NFT and can be copied and shared like any file. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies.
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How to NFTs work
At a very high level, most NFTs are part of the Etherium blockchain. Etherium is a cryptocurrency like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently.
With NFTs, artwork can be ''tokenized'' to a digital certificate of ownership that can be bought and sold.
How much are NFTs worth?
In theory, anybody can tokenize their work to sell as an NFT but interest has been fueled by recent headlines multi million dollar sales. French firm Sorare, which sells football trading cards in the form of NFTs, has raised $680m. In India recently Amitabh Bachchan NFT was sold for $1m.
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