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What is NFT?

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what is nft

What is NFT?

NFT stands for “non-fungible token.” A person or company that uses NFT can own a piece of content. These digital assets are sold in exchange for the NFT. As they become popular, they increase in value. When a digital asset sells, the creator of the content receives a portion of the revenue, and the platform receives a smaller share. The rest of the revenue is paid to the current owner of the asset.

The value of an NFT is determined by what someone else is willing to pay. It is impossible to exchange an NFT directly with another person. It follows the ERC-721 standard, so it can’t be used or traded. It is also very rare, which makes it more valuable. Before purchasing NFTs, be sure you understand their risks. Despite their popularity, the potential returns are high. Here are some things to consider when buying NFTs.

An NFT is a digital asset that is non-fungible. It can only be purchased by someone who already owns it. It is not worth purchasing a single NFT; you may not be able to resell it after you have acquired it. In addition, there is a high risk of losing money in an NFT. So, when investing in an nft, you need to do some research and understand your risks before you make any decisions.

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