What are NFTs?
NFTs (non-fungible tokens) can represent anything unique as an Ethereum-based asset.
Unlike ETH, a fungible token, each NFT is unique and irreplaceable. NFTs can represent digital art, physical goods, virtual land, virtual items, sports cards, tickets, fashion, and much more.
Because NFTs are verifiable on Ethereum, their provenance and ownership data can be traced from the original creator all the way through to successive owners. This means digital information can be verified without third-party verification. NFTs can thus serve as a digital passport.
The global NFT market has emerged as a significant and growing subsegment of the digital assets market in recent months, with a gross transaction value of $370 billion. NFTs have emerged as a new and innovative way for organizations, brands, artists, and celebrities to engage with their customers and fans.
Major brands have had varying degrees of success tapping into this niche market issuing and collecting NFTs. At ConsenSys, we leverage our deep understanding of the NFT market to build a white-label NFT experience for your organization.