NFTs (non-fungible tokens) are a special type of cryptographic tokens that represent a unique asset, such as a piece of artwork or a collectible item, on a blockchain. Unlike fungible tokens like cryptocurrencies, which are interchangeable and have the same value, NFTs are unique and indivisible. Each NFT has a distinct set of properties and attributes that distinguish it from other NFTs, and they cannot be replicated or divided into smaller units.
NFTs have become popular in the world of digital art, music, and other creative industries, as they allow creators to authenticate and sell their unique creations on a blockchain. They also provide collectors and fans with a secure and transparent way to purchase and own these digital assets.
NFTs are typically created using smart contracts on a blockchain such as Ethereum, which define the rules for ownership and transfer of the NFTs. Some popular NFT standards include ERC-721 and ERC-1155 on Ethereum, and there are also other blockchains such as Binance Smart Chain and Flow that support NFTs.
Overall, NFTs represent a new way to think about ownership and value in the digital world, and they have opened up new opportunities for creators and collectors alike.
NFTs are typically stored on the blockchain, either as part of the contract code or in a separate storage layer. The images associated with NFTs can be stored in a variety of ways, including on centralized servers, decentralized file storage systems like IPFS (InterPlanetary File System), or on the blockchain itself using technologies like the InterPlanetary Linked Data (IPLD) protocol.