Hi It's Unicorn

NFT is non-fungible tokens. It’s a unit of data stored on blockchain. The function of NFT is similar to cryptographic tokens. NFT and cryptographic tokens are all crypto assets built on the blockchain. Both of them also have unique and unalterable identification codes. However, NFT is unlike cryptocurrencies like Bitcoin. All bitcoins are equal, so it can be directly used as a medium for commercial transactions. For instance, a Bitcoin in my wallet is the same as the Bitcoin in your wallet. Although these two Bitcoin have a different string of recodes, the value of these two Bitcoin are equal, and it can be divided into 0.1 bitcoins as a medium of transaction. NFT is not interchangeable for equivalent value because NFT may represent a different underlying asset and thus have a different value. NFT is built on the blockchain so it can create a chain of identifiable data blocks. The owner can use a digital signature to ensures the authentication of each digital file. 

All non-fungible items which can be stored on a digital ledger can basically become NFT products. 

Below follows are the common NFTs:

✓Images, paintings and other artworks

✓Sports trading card

✓Film

✓Music

✓Virtual character and Equipment of game

✓gif

This field is developing, so there are still many new applications in the future.

The pros of NFT issuance

No matter physical or virtual thing, there are many ways to prove ownership. However, some people may have questions about how to prove it. Hence, it may be understood from the several pros of NFT.

1. NFT can be tracked. The data of NFT is recorded on the blockchain, everyone can check the source of the NFT, the number of issuances, the record of transfers, and it has been verified by a third-party unit or not, etc.

2. NFT can prevent forgery. In this generation, there is no concept of original or authentic image and music creation on internet. Due to it’s easy to copy, these creations lack scarcity value, and they are also threatened by piracy and copyright infringement. The function of NFT is like a "digital stamp”, it ensures that people can buy the genuine products on internet. This can maintain the scarcity and collection value of the product.

3. High liquidity. For instance, you buy the copyright of a song, you won’t be unable to continue using the music due to the record company goes bankrupt. NFT can be sold and traded on digital markets. You can have ownership of the NFT, and it’s also easy to sell again in the future. 

NFT is like the original certificate of a digital product like music or artistic creation that you can have a few or even unique things. Therefore, the concept of NFT is to "prove that the ownership of the creation.”