In the simplest terms, an NFT (Non-Fungible Token) is a unit of information kept on a blockchain that verifies digital assets as completely unique and therefore not interchangeable. They are one-of-a-kind and impossible to duplicate or replace, which means that only a single instance of a particular token can exist.
NFTs can represent a range of digital files, such as audio, images, videos, etc. They are often used for selling a wide array of virtual collectibles, like trading cards, music, digital images, video files, virtual real estate, and more.
Because they are unique and have only one owner, NFTs hold their own set of distinctive characteristics. This means they can be sold or traded between users on a third-party marketplace or directly through the Z Versus Project platform.