Non-fungible Token (NFT)

A Non-Fungible Token (NFT) is a unique digital asset that represents ownership of a specific item or piece of content, often secured on a blockchain. Unlike fungible tokens, such as cryptocurrencies, NFTs cannot be exchanged on a one-to-one basis due to their distinct characteristics and value. In product design and innovation, NFTs enable creators to establish provenance, authenticity, and scarcity for digital artworks, collectibles, and other intellectual properties, thereby enhancing their marketability and engagement.