what is non-fungible token (nft)?
• A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more.
• NFTs use the same blockchain technology that powers cryptocurrencies, but they’re not a currency.
• While NFTs have sold for millions, they’re highly speculative assets that are not appropriate for every investor
• Non-fungible items aren’t interchangeable. Many NFTs are created and stored on the Ethereum network, although other blockchains (such as Flow and Tezos) also support NFTs. Because anyone can review the blockchain, the NFT ownership can be easily verified and traced, while the person or entity that owns the token can remain pseudonymous.
• As the underlying technology and concept advances, NFTs could have many potential applications that go beyond the art world.
• For example, a school could issue an NFT to students who have earned a degree and let employers easily verify an applicant’s education. Or, a venue could use NFTs to sell and track event tickets, potentially cutting down on resale fraud.
• You can buy, sell, trade, and create NFTs from online exchanges or marketplaces. The creator or current owner may choose a specific price. Or, there may be an auction, and you’ll have to bid on the NFT.
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