NFT (Non-Fungible Token)

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An NFT, or Non-Fungible Token, is a unique digital asset that represents ownership of a specific item or piece of content, recorded on a blockchain. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are “fungible” (meaning one unit is interchangeable with another), each NFT possesses distinct characteristics and is not directly replaceable with another NFT on a one-to-one basis.

It can be compared to a digital certificate of authenticity and ownership for items such as digital art, collectibles, virtual land, music, videos, or even in-game items. The blockchain technology underlying NFTs ensures that the ownership record is transparent, verifiable, and immutable. This uniqueness and verifiable scarcity, enabled through NFT development, give NFTs their value and support new models of digital ownership through platforms built by a blockchain development company.

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