Blockchains provide a decentralized way to store data and record transactions. Non-fungible tokens (NFTs) use blockchains to represent unique digital assets. To create an NFT project, key steps include: 1) Choosing a blockchain based on its maturity, funding programs, and ability to balance security, decentralization and scalability. 2) Selecting an NFT standard like ERC-721 that supports unique tokens. 3) Deciding how to store metadata like names and descriptions, typically using decentralized storage like IPFS. 4) Implementing and testing the smart contract functionality before deployment and minting new tokens.