What is an NFT?

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NFT stands for "Non-Fungible Token".

An NFT is a unique digital asset that represents ownership or proof of authenticity of a specific item or piece of content, such as a piece of art, music, or video. Unlike traditional cryptocurrencies, like Bitcoin, which are fungible (meaning one unit is interchangeable with another), each NFT is unique and cannot be replicated or replaced.

NFTs are stored on a blockchain, a decentralized and secure ledger, which allows for the verification of ownership and transfer of these digital assets without the need for a central authority. In other words, NFTs provide a new way for creators and owners to trade unique digital assets, making it possible for them to be bought, sold, and traded like physical collectibles.