What Is a Non-Fungible Token (NFT)?

Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency.

This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions

– NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.

– NFTs can represent real-world items like artwork and real estate.

– "Tokenizing" these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud.

– NFTs can also function to represent individuals' identities, property rights, and more.

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