Non-Fungible Token (NFT)

What Are Non-Fungible Tokens?

Non-Fungible Tokens (NFTs) are digital assets that represent unique items, such as artwork, collectibles, or even virtual real estate. Unlike traditional cryptocurrencies like Bitcoin and Ethereum which are interchangeable with each other, NFTs have a distinct identity and cannot be exchanged for another token of the same type. This makes them ideal for representing ownership of rare digital goods or services. They can also be used to create new markets in gaming, art collecting, music streaming and more.

The use of blockchain technology allows NFTs to provide secure proof of ownership over an asset without relying on third parties such as banks or governments. The tokens themselves are stored on the blockchain ledger where they can’t be altered or counterfeited by anyone else. As a result, these tokens offer users greater control over their digital assets while providing transparency into who owns what at any given time. Additionally, because they exist on the blockchain network rather than being held in centralized databases owned by companies like Facebook or Google, there is no risk of censorship from those entities either.

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