One of the key ways that NFTs are expected to change the world is by providing a new way for creators to monetize their digital content. Currently, it is often difficult for artists, musicians, and other creators to control and profit from their digital creations. NFTs offer a solution by allowing creators to issue unique, one-of-a-kind tokens that can be bought and sold on the open market.

Overall, NFTs work by using blockchain technology to create unique, one-of-a-kind digital assets that can be bought, sold, and traded on digital marketplaces.

One of the earliest known examples of a digital asset that fits the general description of an NFT is the CryptoKitty, a digital collectible that was created in 2017 by the Canadian company Axiom Zen

The metaverse is a collective virtual shared space, created by the convergence of the real and the virtual. It is a hypothetical future internet-like network of shared 3D spaces, connected into a larger internet-like network and accessed by users with virtual reality devices, such as headsets and gloves. The term was coined by science fiction writer Neal Stephenson in his 1992 novel Snow Crash, where he described it as a collective virtual shared space, created by the convergence of the real and the virtual.

A DAO, or decentralized autonomous organization, is a type of organization that is run entirely by code. This means that it is not controlled by any single individual or entity, but rather by a set of rules and algorithms that are encoded into a blockchain or other decentralized technology.

An NFT, or non-fungible token, is a digital asset that represents ownership of a unique item or piece of digital content. Unlike other digital assets, such as cryptocurrencies like Bitcoin, NFTs are not interchangeable and cannot be easily replicated or copied. This allows for the creation of digital items that are truly unique and can be owned and traded like physical items.

Web3 is a term that is often used to refer to the third generation of the World Wide Web. This generation is characterised by the use of new technologies and protocols that enable users to interact with the web in more powerful and sophisticated ways.