How do nfts work on the blockchain?

Non-Fungible Tokens (NFTs) are digital assets that exist on a blockchain, which is a distributed public ledger that records transactions1. NFTs are typically created on platforms like Ethereum, although other blockchains can also support them1.NFTs work by using a process called “minting,” where the asset’s information is encrypted and recorded on a blockchain. This minting process involves creating a new block, validating the NFT information, and closing the block5. Smart contracts are often used to assign ownership and manage NFT transfers5.Each NFT is assigned a unique identifier directly linked to a blockchain address, and the ownership information is publicly available5. Even if multiple NFTs of the same item are minted, each token has a unique identifier and can be distinguished from the others5.NFTs are different from cryptocurrencies in that they are non-fungible, meaning each token has a unique value and cannot be exchanged for or equal to another NFT1. They are used to represent ownership of unique items, such as art, collectibles, or even real estate3.NFTs have gained popularity in various industries, including art, music, gaming, and virtual real estate, and have the potential to disrupt traditional markets by offering a secure and transparent way to trade and verify ownership of digital assets2.