I have been watching the term NFT in different projects listed on uniswap but I can't figure out what actually does it mean. There's something like NFT price which is probably greater than the token price. So, what's it exactly? How it is related to the project token?
Simply put, NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that can be traded in the blockchain system.
For the uninitiated, this may not be a very simple explanation, but the pay for many artists, musicians, influencers, and others is huge, with investors spending a lot of money to own NFT versions of digital images.
For example, Jack Dorsey's first message on Twitter is now up for auction, with bids reaching $ 2.5 million. A video with a LeBron James dive sold for over $ 200,000, and a 10-year-old NIF Cat GIF was bought for $ 600,000.
However, NFTs are not something completely new. The digital game CryptoKitties in the cryptocurrency platform etherium is one of the first irreplaceable tokens that allows people to buy and sell virtual cats that are unique and stored in the blockchain.