NFT stands for non-fungible tokens. NFTs are a type of digital asset, which are coded in a unique way and use metadata to distinguish them as a unique asset – unlike ‘fungible’ assets such as Euros, Bitcoin, and other assets which are identical and interchangeable.

Because every NFT is unique, ownership and rights to licensing and royalties are hard-coded into the asset on the blockchain. They are most commonly digital assets such as artworks, recordings, and virtual real estate but have also been connected to physical assets such as bottles of wine or pets.