A Non-Fungible Token  is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain). It’s can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items (analogous to a certificate of authenticity), and use blockchain technology to establish a verified and public proof of ownership. Copies of the original file are not restricted to the owner of the N-F-T and can be copied and shared like any file. The lack of interchangeability (fungibility) distinguishes N-F-Ts from blockchain cryptocurrencies, such as Bitcoin.

OpenSea

Foundation

Rarible

A Marketplace is an online marketplace where artists sell their non-fungible art and buyers can get them using cryptocurrency, like BitCoin. Most of the marketplaces also charge a transaction fee and require an account with them (usually a free one)

Once an N-F-T is purchased, the buyer receives a token, a unique identifier usually containing proof of ownership and information on provenance, authenticity, and author.

If the buyer decides to resell their N-F-T artwork, they can transfer it to a different marketplace based on the same blockchain. Upon sale, they will also pay a royalty fee to the original artist.