About NFT - Non Fungible Tokens - Overview
What are NFT - Non Fungible Tokens?
NFTs are also known as Non Fungible Tokens, which are cryptographic assets on a blockchain, Therefore they have unique identification codes and metadata that distinguish them from each other.
These tokens have valuable information stored in them. Because they hold a value primarily set by the market and demand, they can be bought and sold just like works of physical types of art.
The unique Data stored in an NFT, makes it easy, as with all blockchain transactions, to verify and validate their ownership and also view the complete history of ownership including the digital price paid.
- NFTs are unique tokens that exist on a blockchain and cannot be copied.
- An NFT can represent a real-world item, such as artwork and real estate.
- "Tokenizing" real-world assets ensures efficient trading and less likely to fraud.
- Individuals' identities, property rights and increasingly more, can also be Tokenized.
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See also: What is a Blockchain?
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