A non-fungible token (NFT) is a digital asset that represents ownership of tangible assets such as art, collectibles, games, and real estate. NFTs are traded on structured platforms in NFT marketplaces. Although some NFTs are sold at fixed prices, the majority are auctioned. Some marketplaces specialize in a single type of NFT, such as art, games, or sports, whereas others sell everything. You can create a new NFT in any of the marketplaces.

Digital Asset – NFT is a digital asset that symbolises internet valuables such as art, music, and games with a genuine certificate issued by blockchain technology, which underpins cryptocurrency. Because NFTs are uniquely identifiable assets, they differ from cryptocurrencies, which are fungible.

Unique – It is unique and cannot be forged or otherwise altered. It is distinct in that, once minted/uploaded to the blockchain, a file will have verifiable proof of record. It will have a permanent record saved on the blockchain, a decentralised and publicly open ledger. While many more copies of the digital file may exist or can be created, it will be “unique” in terms of its history and recorded ownership once minted.

Exchange – On specialised websites, NFT exchanges occur with cryptocurrencies such as Bitcoin.

Traceability- Non-fungible tokens can change hands, but their full history is always available and is recorded in the blockchain’s original, immutable record.

Digital Content – The most important use of NFTs nowadays is ito buy, sell, trade digital content in an efficient and secure way. NFTs boost content producers’ revenues by powering a creator economy.

Game Items – NFTs have grabbed the curiosity of game creators. NFTs can give several advantages to athletes, creators and fans. In most online games, you can buy additional assets and features for your character. You may recoup your money with NFTs by selling the products once are done with them.

Investment and Collaterals – The architecture for both NFT and DeFi (Decentralized Finance) is the same. DeFi programs allow you to borrow money using collateral. Both NFT and DeFi collaborate to investigate the use of NFTs as collateral instead. (I did not understand this as a layman.

Yes, you are required to purchase our player NFTs to participate in the Metaverse baseball league.

Since the NFTs are built on blockchain technology, the securities offered by the blockchain will help with the authenticity of the NFT. Every token of every digital asset has metadata and transaction log that will help in identifying the ownership. And with the blockchain offering the security, NFT is protected and cannot be replicated.