NFT stands for Non-Fungible Token, which is a type of digital asset that represents ownership of a unique item or piece of content, such as a digital artwork, music, video, or collectible. NFTs are built on top of blockchain technology, which enables them to be verified as unique and to be traded and transferred securely and transparently.
The most popular protocol for creating and trading NFTs is the Ethereum blockchain, specifically the Ethereum ERC-721 and ERC-1155 standards. These standards define the rules and requirements for creating and managing NFTs on the Ethereum blockchain. They allow for the creation of unique digital assets that can be owned, traded, and transferred just like physical assets, and they also allow for the creation of smart contracts that can be used to manage the ownership and transfer of NFTs.
Other blockchain networks like Binance Smart Chain, Polygon, and others, have also developed their own NFT standards, but Ethereum is by far the most widely used protocol for NFTs.
In summary, NFTs are based on blockchain technology and typically use the Ethereum ERC-721 and ERC-1155 standards, which are smart contract standards that define the rules and requirements for creating and managing NFTs on the Ethereum blockchain.