Non-fungible token (NFT)

Non-Fungible Token – Wikipedia

Non-Fungible Tokens (NFT)­ are used to represent a digital asset (photos, videos, audio, and other digital files), allows users to buy and sell ownership of these digital items and are a unit of data stored on the blockchain, certifying the asset to be unique and therefor not interchangeable/irreplaceable/not fungible.

Fungibility in cryptocurrencies like Bitcoin means that they can be traded or exchanged for one another, as 1 BTC will always be equal in value to any other Bitcoin. An NFT representing a unique asset will have a different value to another NFT and thus they are not mutually interchangeable.

Uses for NFT’s:

  • Digital Art
  • Collectibles
  • Games
  • Music
  • Film
  • Sports
  • Fashion
  • Pornography
  • Academia
  • Real Estate

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