They can represent anything, from music to images, and in-game items, and they have characteristics that are specific to them. They are essentially non-inter operable, indivisible, indestructible, and fully verifiable. This is due to the fact that all of the NFT data is stored on the blockchain through smart contracts, and none of the tokens can be destroyed, replicated, or removed.
Notable NFT projects include CryptoKitties, Decentraland, and CryptoPunks. According to Statista, the market capitalization of transactions globally that involve a non-fungible token (NFT) is at $338.000.000 USD.
Pros: Fully verifiable - Indivisible - Indestructible
Cons: ERC-721 standard is fairly new - Non-Fungible tokens cannot be divided and have to be bought or sold whole
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