Here are a few examples you may have heard about: Selling NFTs has been a lucrative business in the art world. NFT technology helps assign the ownership of the original piece." "To compare it to traditional art collecting, there are endless copies of the Mona Lisa in circulation, but there is only one original. So why are people shelling out so much money for NFTs? "By creating an NFT, creators are able to verify scarcity and authenticity to just about anything digital," says Solo Ceesay, co-founder and COO of Calaxy. With NFTs, each token has unique properties and isn't worth the same amount as other similar tokens. Non-fungible items aren't interchangeable.
NON FUNGIBLE TOKENS LIST SERIAL
For example, you can exchange a $1 bill for another $1 bill, and you'll still have $1 even though your new bill has a different serial number. Fungible items can be exchanged with one another with ease because their value isn't tied to their uniqueness.To really get a handle on NFTs, it's helpful to get familiar with the economic concept of fungibility. The technology can also make it difficult to alter or counterfeit NFTs. NFTs are securely recorded on a blockchain - the same technology behind cryptocurrencies - which ensures the asset is one-of-a-kind. They're bought and sold online, and represent a digital proof of ownership of any given item.
NFTs can be considered modern-day collectibles. NFT stands for "non-fungible token." At a basic level, an NFT is a digital asset that links ownership to unique physical or digital items, such as works of art, real estate, music, or videos.
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