What Is an NFT?: The Forgotten Use Cases for Non-fungible Tokens (NFTs)

Over the past two years, NFTs, or non-fungible tokens, have taken over the conversations in the crypto market. These digital assets are welcoming the general population into the crypto space, with celebrities, athletes, and billionaires getting an opportunity to connect with their fans. While the “NFT” buzzword has been overused across mainstream media and social media platforms, many investors and holders of NFTs do not understand what NFTs are and why they were created. I could go as far as assuming that even the experts in the crypto space today don’t necessarily fully understand what NFTs are used for (minus digital art and collectible items) and what the future holds for this budding industry. In this article, we remove any fog surrounding the space and explain the widespread use cases for NFTs, the projects working in the NFT space and what the future holds for the space. Understanding Non-fungible Tokens (NFTS) Non-fungible tokens, or NFTs, are digital tokens that are built on the blockchain and used to represent ownership of unique assets. Via NFTs users can show immutable ownership of assets such as art, music, videos, collectibles, and even title deeds. The differentiating factor between NFTs and traditional data records is that NFTs can only have one owner at a time, secured by the blockchain, meaning no one can modify the record of ownership, or create a copy of the NFT. As the name suggests, NFTs are non-fungible,...