Non-fungible tokens (NFTs) are unique digital tokens that are typically connected to a piece of art.

They gained traction in 2017 through a virtual cat breeding game called CryptoKitties and a collection of 10,000 pixelated avatars called CryptoPunks. NFTs experienced another boom in 2021, bringing a Cambrian explosion in the type of metadata, use cases and purposes the technology can bring. 

An individual may purchase an NFT as a way to collect art, support a musician, aim to sell it at a profit, become a part of a community or gain an element within a game. An increasing number of companies, from Taco Bell to Tiffany to Spotify, have explored NFTs.

What is an NFT?

An NFT is a non-interchangeable unit of data stored on a digital ledger, typically a blockchain. It uses …