The Non-Fungible Token Bible: Everything you need to know about NFTs - OpenSea blog

NFTs exist on top of blockchains like Ethereum. Ethereum is a decentralized global computer that is owned and operated by its users.

Tokenization creates new ways of working with IP that were previously unavailable or too expensive to set up. For example, blockchain technology will automate IP provenance, use tracking, and rights management. Using existing standards and smart contracts, NFTs can be fractionalized, co-owned, and governed by multiple users or communities. Fraction... See more

In the Web3, values are represented by cryptographically secured tokens.

Tokens can be fungible or non-fungible:  Fungible tokens are interchangeable (e.g., the US dollar, bitcoin).  Non-fungible tokens (NFTs) are unique (e.g., a piece of art).