Glossary - ChicksX

Non-Fungible Token (NFT) is a unique digital asset representing ownership of a specific item on the blockchain.

Non-Fungible Token (NFT) is a digital asset that represents ownership of a unique item or piece of content, stored on a blockchain. Unlike cryptocurrencies like Bitcoin, which are fungible and identical, NFTs are distinct and cannot be exchanged on a one-to-one basis. They can represent various forms of digital or physical assets, such as art, music, videos, and collectibles. Each NFT has a unique identifier and metadata that distinguishes it from other tokens. The blockchain ensures authenticity, provenance, and scarcity, making NFTs valuable for creators and collectors. Ownership and transfer are facilitated through smart contracts, ensuring security and transparency.