NFTs
NFTs explained
NFT means non-fungible token: a token that is not interchangeable with another. One euro equals any other euro; your train ticket with your seat number does not. That uniqueness suits ownership, access and certificates — a function that outlived the picture hype.
Technically: a registry of serial numbers
An NFT contract is a registry stating who owns each identifier. Selling changes one line in that registry. ERC-721 and ERC-1155 define the standard.
The artwork itself usually is not on-chain; a pointer is. If that file lives on a server that disappears, you own a pointer to nothing. IPFS or fully on-chain data solves that.
Owning the token is not owning the copyright — that lives in the project licence.
What is left of the market
The profile-picture wave has largely deflated; volumes sit far below the peak and many collections are illiquid.
The technical function remains: tickets, memberships, game items, domains and tokenised asset ownership use the same standard.
Under MiCA genuinely unique NFTs largely fall outside licensing, while large near-identical series may not.
What you do and do not buy
You buy a verifiable ownership record. What it is worth depends on what the issuer attaches to it.
You do not buy a guarantee the project survives. The token persists; the perks often do not.
And you buy no protection: no deposit guarantee, no reversal, and a stolen key means a lost token.
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Frequently asked questions
Can someone copy my NFT?
The image, yes; the registry entry, no — like a poster next to the original painting.
Are NFTs regulated under MiCA?
Truly unique tokens largely fall outside it; large near-identical series can fall inside.
Are NFTs taxed?
Generally yes, based on value and on how actively you trade. Check local rules.
Read next
Buying and storing
From wallet and marketplace to fees, royalties and cold storage — a practical route without unnecessary risk.
Judging value
Floor price, volume, holder distribution and rarity — how to judge a collection without buying the hype.
Applications that stuck
Where unique tokens are genuinely used in 2026: access, game items, domains, diplomas and tokenised assets.