What is NFT

A NFT(non-fungible token) is an unique identifier that is tracked on a blockchain, like Ethereum, Heco or BSC. This new technology ensures the token’s uniqueness while also providing security features for the creation’s conservation or exchange.

Unlike most digital items which can be endlessly reproduced, each NFT has a unique digital signature of the owner or holder, and these information all exists on a blockchain, a record of transactions kept on networked computers. The blockchain serves as a public ledger, allowing anyone to verify the NFT's authenticity and who owns it, which make it difficult to alter or counterfeit NFTs. Only these digital assets with the unique digital signature of the owner or holder can have a higher commercial value. Consider the Mona Lisa, everyone can own a print of it but only the original one in Louvre has the higest commercial value.

The most well-known application of NFT thus far has been as an ownership certificate for a digital asset. Once the creator create a NFT with their digital content, they have the ownership certificate. Based on the standardization, uniqeness and mobility of NFT, everyone who want to buy the ownership certificate of a digital asset can make a transaction via NFT and easily complete the ownership certificate transfer.