The rise of NFTs: What is the connection between art and the cryptocurrency world?

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What is NFT?

NFT stands for "Non-Fungible Token" and is defined as a type of cryptocurrency used to identify and sell unique digital assets (e.g. digital artwork, music, video game content) using blockchain technology. Differently, fungible (exchangeable) tokens are cryptocurrencies that have the same value and can be used interchangeably.

The uniqueness of NFTs is that each of them is marked with a unique code on the blockchain. This code is used to verify that the entity it owns is not fake and unique. The rise of NFTs has accelerated with the digitization of artworks and increased use of blockchain technology. NFTs created a new paradigm in the art world by making it possible to sell and collect digital artworks.

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