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What is a Non-Fungible Token?

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What is NFT

A non-fungible token (also known as a ‘NFT’) is a unit of data stored in a blockchain. These tokens can be sold and associated with digital files. In other words, a ‘NFT’ is not a ‘coin’. It is a unit of value. This article explores the use of a NFT in cryptocurrency, as well as some other uses for the technology.

what is nft

An NFT can be anything from a piece of art to a song file. It can also refer to collectibles like real estate and computers. A rare item has a unique property or is only available in a small number. These items may be expensive, but the creators can sell them. As with any collectible, you need to be aware of the fees. In some cases, the price of a rare NFT can reach several millions of dollars.

NFT and Cryptocurrency

NFTs are a form of crypto currency that is exchanged through the blockchain. The exchange of NFTs involves paying with Ethereum, the second-largest digital currency after Bitcoin. In some cases, the NFT can be bought with Ethereum or another cryptocurrency. Celebrities like Paris Hilton, Jimmy Fallon, Steph Curry, and Eminem have all purchased NFTs. They include an edition of the Bored Ape Yacht Club which has 10,000 copies. The unique characteristics of this coin include laser eyes and golden fur.

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