NFTs: Beyond Art and Into the Future of Ownership

Non-Fungible Tokens (NFTs) are unique digital assets secured on a blockchain, most commonly Ethereum. They gained fame in the art world, where creators like Beeple sold digital art for millions. Platforms like OpenSea and Rarible facilitated this boom.

But NFTs extend far beyond art. They're used in gaming (Axie Infinity, Decentraland), virtual real estate, domain names (ENS), and ticketing systems. Future applications may include licensing intellectual property, certifying academic degrees, and representing fractional ownership of physical assets.

NFTs use standards like ERC-721 and ERC-1155 to ensure interoperability. While the market has cooled since its 2021 peak, NFTs remain a foundational element of Web3, enabling verifiable digital ownership and transferability without intermediaries.

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