NFT’s are becoming a focus in global crypto attention. An NFT is a special kind of cryptographic token that represents a particular thing — something unique implying that an NFT isn’t mutually interchangeable by their particular specification
A non-fungible token comes with a distinct value from another equal or similar NFT.
An individual NFT has unique characteristics that dictate its peculiarity; hence the name “non-fungibles.” They are much similar to rare and precious stones, works of art, and luxury things in general.
They act as a non-duplicable digital certificate of ownership for any assigned digital asset. Basically, it is a smart contract that is put together using bits of open-source code, and once it is written, it is then minted, or permanently published, into a token (for example, a token called an ERC 721) on a blockchain, like Ethereum.
Once the NFT is purchased, the owner has the digital rights to resell, distribute or license the digital asset as they please.
The only caveat is that the creator can program in limitations in the NFT’s code for how it gets used, such as the asset cannot show up on a specific platform, like a TV network, and also have the opportunity to earn royalties off of future reselling transactions.
We can see that NFTs are intertwined with the creation of verifiable digital scarcity.