What is a Non-Fungible Token (NFT)?
NFT is a cryptographic token with a unique blockchain identity which cannot be replicated. NFTs are unlike cryptocurrencies. Cryptocurrencies are fungible, meaning all coins or tokens of a cryptocurrency have to be stored and exchanged for the same price. NFTs, on the other hand, are non-fungible, meaning no two NFTs (on the blockchain) are alike. However, that doesn't mean no one can copy it. In fact, a digital image NFT can be replicated just like any other image, albeit the ownership on the blockchain remains unique.
Because NFTs are unique, they can be used for ownership of unique assets like digital art, property rights, and digital identities. Most of the NFTs are based on the Ethereum blockchain.
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