NFT stands for Non-Fungible Token. It is a unique, non-interchangeable digital asset.
While fungible tokens such as KLO can be exchanged easily as every token is the same, NFTs are unique - no NFT is like another. Info such as the author's name, creation date, description or special NFT properties guarantee high uniqueness. Moreover, fungible tokens can be exchanged in fractions (e.g. 0.1 AVAX), while NFTs can only be traded as a whole.
NFTs allow artists to sell their work through a secure system and to earn royalties, whileusers get to buy certified artworks.
NFTs can be used to represent objects such as photos, videos, music and other types of digital files. You can think of NFTs as certified files with assurances around authenticity and scarcity. Use cases range from art and collectibles to in-game items, tickets and virtual representations of physical assets like shoes. NFTs allow you to own the original file.
Kalao supports two types of NFTs, ERC-721 and ERC-1155. ERC-1155 tokens, in contrast to ERC-721 tokens, can have multiple editions of the same NFT.