NFT may be associated with a separate digital or physical asset and a license to use the asset for a specific purpose.

NFT (and related licenses to use, copy or display the underlying asset) can be traded and sold in digital markets. The illegal nature of NFT trading usually results in an informal exchange of ownership of the asset that has no legal basis for enforcement, often yielding little more than use as a status symbol.

NFTs function as cryptographic tokens, but, unlike cryptocurrencies like Bitcoin or Ethereum, NFTs are not mutually interchangeable. While all bitcoins are equal, each NFT may represent a different underlying asset and thus may have a different value.

The famous American singer, Justin Bieber, is among the NFT users and days ago announced that he has bought a photo worth 470 thousand dollars. This platform is also used by other world figures.