I think I was finally able to understand NFTs after reading through an excellent blog post here. In essence, an NFT can basically be viewed as a token that is one of a kind, whose ownership is tracked with the help of a PoW protocol underlying the blockchain.
However, since the blockchain doesn’t support proof of ownership/copyright of the underlying piece of work, a lot of artists have been wrongly seeing their works be minted without their permission. Given the “Wild West” nature of the current implementation, regulations in this space seem inevitable.
