This document provides an overview and explanation of non-fungible tokens (NFTs). It defines NFTs as unique digital assets that represent real-world items like art, videos, in-game items, and more. NFTs use blockchain technology to record ownership and allow items to be bought and sold. The document discusses how NFTs work using blockchain, how people are using NFTs to buy and sell digital artwork and collectibles, and some of the risks around speculative valuation of NFTs given the lack of regulation in these new digital markets.