1/2/2022 0 Comments
What Is An NFT's Purpose?
NFT stands for non-fungible token, which implies there's a wholly unique and non-interchangeable unit of data kept on a digital ledger that uses blockchain technology to establish proof of ownership hidden inside those odd artworks.
NFTs are collectible digital assets with monetary worth, similar to how tangible art has monetary value.
Cryptocurrencies such as Bitcoin and Ethereum are similar to NFTs. An NFT, on the other hand, is fully unique and cannot be traded like-for-like, which is where the term "non-fungible" comes into play.
The file contains additional data that raises it above the domain of pure currency.
Any easily copied digital file, such as photography, art, music, films, tweets, and even memes, can be stored as an NFT to identify the original copy. NFTs can be made out of nearly anything unique that can be digitally saved and has value.
They're similar to any other collector's object, such as a painting or a vintage action figure, only you're paying for a file and documentation that you own the original copy rather than a tangible item.
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