What is NFT? In lay-man terms
What are NFTs? NFT stands for Non-Fungible Token. Non-Fungible is a fancy word but in simple terms, NFTs are wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital assets. NFTs can be anything art, sports, cars, pictures, videos, music. Each NFT can only have one owner and the owner can sell the NFT using cryptocurrency. However, the NFT cannot be traded directly for another NFT. The NFT also cannot be divided into multiple pieces. It is indivisible since people copy and pirate media on the internet all the time.
You might be wondering whether you could just do the same with NFTs so let's look at an example currently you pay 10 to watch a movie online and you get to keep it but that doesn't mean that you outright own the movie or its rights. In the case of NFTs you could purchase a movie be the sole owner and others can hold copies of lesser value.
Another example is comparing NFT to pieces of art in a gallery. One person owns the original while many others can buy prints that do not hold the same value. NFTs can be used to prove ownership of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital items like game skins the same way that you can prove ownership of physical items. Each NFT is stored on a blockchain on blockchain and the NFT has a smart contract that contains information about the current owner.