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NFTs are unique assets that are registered in a cryptocurrency database(blockchain).
NFT: Non Fungible Token
‘non fungible’ = unique/one of a kind. A signed baseball is ‘non fungible’. A new baseball is fungible; it is identical to the other new baseballs.
A token is an unit of value. A crypto coin(Bitcoin,Ethereum) is a fungible token, just like a penny is fungible. A NFT digital asset is a 1:1 token that has a unique ID.
NFTs are part of the cryptocurrency system. NFTs only exist on a blockchain(secure encryption database).
Common uses for NFTs include:
NFT buzzwords: rare, scarce, unique
What can be a NFT?
What is an art NFT?
What is the difference between a token, a coin, and cryptocurrency?