NFTs Explained in 4 Minutes

Summary

Simply Explained covers the basics of non-fungible tokens: what 'non-fungible' means, how NFTs are stored on blockchains, what you actually own when you buy an NFT, and some of the legitimate use cases beyond speculation.

Key Concepts

Things To Remember

• Non-fungible means each token is unique and not interchangeable.
• The NFT is the ownership token — the actual file is often stored off-chain.
• Buying an NFT does not automatically grant copyright to the underlying work.
• NFT markets are highly speculative — most collections have lost significant value.

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