A brief description of NFTs

14/08/2021 Financial & Legal Services

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What Are Non-Fungible Tokens (NFT)?
A digital asset representing real-world objects such as art, music, in-game products, and videos is known as NFT art and is sold or brought from an NFT marketplace. They’re bought and sold online, sometimes with bitcoin, and they’re usually encoded with the same program as many other cryptos.

Although they’ve been around since 2014, NFT tokens are gaining popularity as a more common way to buy and sell digital art.

This is in sharp contrast to the vast majority of digital creations, almost always available in unlimited quantities. If a given commodity is in demand, cutting off the supply could theoretically increase its value.

At least in these early days, some of the NFT token designs are based on digital creations that already exist in some form in other places, such as classic video snippets from NBA games or securitized versions of digital art that is already floating around on Instagram. When a buyer purchases an NFT token, they are able to keep the original object, as well as benefit from built-in authentication and ownership proof. Those “digital bragging rights” are highly valuables.

Difference Between an NFT and Cryptocurrency
The term “non-fungible token” means a token that is not fungible. It’s usually programmed in the same way as Currency cryptos like Bitcoin or Ethereum, but that’s where the similarities end.

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