NFT is an acronym for “non-fungible token”. While the term might seem unfamiliar to people who have heard it for the first time, its concept is relatively simple. NFT is an idiosyncratic digital file. Unlike cryptocurrency such as bitcoin - where one bitcoin can be traded for another one that has the same value - each NFT has a different value. NFT is stored on a blockchain, which can keep track of data and secure transactions using hashing algorithms. This means that if someone buys an NFT, that person is the only one who can screenshot, download or share the work. NFTs allow anyone to 'collect' and claim ownership of works of art such as digital art, music, and even movies online. Previously, there were few limits on who could own and repost art on the internet. This demonstrates how the internet world of art has begun to resemble the physical world of art acquisition. While everyone can purchase a low-cost print of a well-known artist's work, only one person can own the original. In the same way, if the value of the artwork rises over time, the individual who owns it can resell the NFT for a higher price.

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As it is a completely new form of market, there are many conflicting arguments. Many remain skeptical towards the concept of NFT, assigning monetary value to something that looks insignificant like a meme or even somebody’s tweet. However, reports reveal that NFT trade volumes have reached 10.67 billion dollars and significant companies like Marvel have invested in NFT, implying that many individuals believe in its long-term potential.

People who are seeing the most benefit from the birth of a new trading system are digital artists. The blockchain system of NFTs can easily prevent their works from getting scammed and minted, aiding them to receive all the credit from their works. NFT also opens artists to new consumer markets. Because NFT trading is based solely on the internet, artists can reach out to global audiences immediately and it also makes it much more convenient for them to promote their art to new people. Lastly, some NFT works come with royalties, which provide the original artist with about 10 percent of the price on the platform their artwork is sold on. Satisfying both the artists and the collectors, many experts are seeing the large potential for growth in NFTs. 

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