Definition of NFTs
NFT stands for "non-fungible token." A type of digital asset that represents ownership of a unique item or piece of content, such as digital art, music, or other media. Unlike traditional cryptocurrencies like Bitcoin, which are fungible and can be exchanged for other coins of equal value, NFTs are one-of-a-kind and cannot be exchanged for other tokens. NFTs are created using blockchain technology, which ensures their authenticity, provenance, and scarcity. It has gained popularity as a way for creators and collectors to monetize and trade digital content in a secure and decentralized manner.
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Similar ideas to Definition of NFTs
What is an NFT?
NFT stands for Non-fungible token.
- cannot be exchanged/replicated/replaced because they are unique.
- allows you to buy & sell ownership of unique digital assets.
Non-fungible token (NFT)
- In economics, a fungible asset is like money - it is something with units that can be interchanged. With money, a $10 can be exchanged for two $5, and it still has the same value.
- If something is non-fungible, it has unique properties and cannot be i...
How NFTs work
Traditional art is valuable because they are unique. But digital files can be duplicated.
With NFTs, artwork can be "tokenised" - a digital certificate of ownership that can be bought and sold. A record of who owns what is stored on a shared ledger known as...
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