What are NFTs?

NFTs are “non-fungible tokens,” meaning they’re unique and can’t be duplicated. An NFT is a digital asset that uses blockchain technology to provide proof of provenance for digital artworks, making it possible for collectors to own photos, gifs, videos—you name it—in a way that would be impossible otherwise. An NFT can only have one owner at a time. Ownership is managed through the unique ID and metadata that no other token can replicate. NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFT's. When someone creates or mints an NFT, they execute code stored in smart contracts that conform to different standards, such as ERC-721. This information is added to the blockchain where the NFT is being managed. 

The main impact of NFTs is making it easy to own and sell digital content.