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What is an NFT

What is an NFT

NFT or 'non-fungible token' is almost like a digital version of a collectable.

What is an NFT?

In the simplest terms, NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain.

The 'non-fungible' part of NFT means that it is completely unique and cannot be directly replaced with something else.

Unlike in currency where exchanging one note of equal value for another would leave you with the same amount, an NFT has its own unique value which is subjective.

This could be, for example, a historic painting or a vintage baseball card. No matter how many copies exist, there will only ever be one original version.

NFTs are unique and not mutually interchangeable, which means no two NFTs are the same.

NFTs are assets that exist in the digital world with no physical version, and digital tokens serve as the certificate of ownership for these assets.

There are several NFT marketplaces which allow online users to buy and sell such tokens. There are also niche marketplaces for more specific types of NFTs, too, such as NBA Top Shot.

How to make an NFT?

Anyone can create an NFT. All that's needed is a digital wallet, a small purchase of ethereum and a connection to an NFT marketplace where you'll be able to upload and turn the content into an NFT or crypto art.

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