What is the functionality of NFTs?

I’m a bit puzzled about how NFTs operate. Are new NFTs introduced annually, or do buyers need to purchase existing ones? I’m new to this whole concept! :joy:

Have you considered how NFTs might revolutionize industries beyond art like music, real estate, or even gaming? It’s intriguing how they offer ownership proof that’s verifiable by anyone. Do you think we’ll see more mainstream adoption in other sectors soon? Also, have u looked into the environmental impact of NFTs due to how they’re made? Lots to chew on here, fascinating stuff! :four_leaf_clover:

NFTs, or Non-Fungible Tokens, offer unique digital ownership through blockchain technology, ensuring their rarity and authenticity. Unlike cryptocurrencies, no two NFTs are identical, which makes them suitable for representing singular items like art or collectibles. They’re “minted” on a blockchain, and this process can happen continuously, allowing for the creation of new NFTs at any time. Buyers can purchase new or existing NFTs, depending on their unique features or provenance. With growing interest, we’re seeing new applications and wider adoption in various fields.