When most people think of NFTs, they think of Bored Ape monkeys and digital artworks, but in reality, it is a universal standard meant for much more. For example, NFTs perfectly represent real-world entities on the blockchain. An NFT can represent the ownership of a real piece of art , allowing it to be traded on the blockchain while the painting remains in a well-protected safe.
An NFT can represent the ownership of a real piece of art , allowing it to be traded on the blockchain while the painting remains in a well-protected safe. Similarly, an NFT can represent raw materials, such as the steel needed for car manufacturing, or a container of berries that will eventually be made into smoothies. To these NFTs that represent real entities, we can also assign metadata that provides precise information about the entity associated with the NFT.