• NFTs are not cryptocurrencies, but they are similar to cryptocurrencies because they are based on Ethereum and Bitcoin-like technologies.
• NFTs, like cryptocurrencies, are also stored on a blockchain, ensuring their unique identification and ownership. All transactions involving the NFT, including the property it represents, are recorded on the blockchain.
• According to Emerging Tech Brew writer Ryan Duffy, an NFT is 'a form of cryptographic token,' although it differs from cryptocurrencies in that it is not interchangeable. You can trade Pokémon cards, but a Gastly isn't the same as a holographic Charizard. A bitcoin, on the other hand, is indistinguishable from another bitcoin.

Read More: How does NFT work in a gaming environment?