What Is NFT? – Non Fungible Token | NFT Crypto Explained | NFT | #Shorts | Simplilearn

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This year, non-fungible tokens (NFTs) appear to have exploded from the ether. From art to music, these digital assets are fetching multi-million-dollar prices.
An NFT is a digital asset that represents real-world assets such as art, music, video, and in-game stuff. They’re bought and sold online, and they’re usually encoded with the same underlying software as many other cryptos.

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What is NFT? – Non-Fungible Token
NFTs turn your digital assets into “one of a kind” by creating a unique digital signature that defines the ownership of your assets and that can be bought and sold for real money, cryptocurrency, or any other asset like a “non-fungible token” aka NFT. non-fungible tokens mean that they are not interchangeable and each of them represents unique assets owned by a specific person. On the other hand, fungible tokens are interchangeable and can be divided into smaller units to form the same value.

NFT basically creates a blockchain-based digital certificate for your digital collectibles, including games, music, art, and many more. This certificate gives your artwork a unique identity. The Underlying technology and the programming language used by NFTs are the same as other cryptocurrencies ie. Blockchain and the programming language Ethash or Scrypt. NFT majorly exists on Ethereum Blockchain, a distributed public ledger that records all the transactions. However, NFT is quite different from these cryptocurrencies. Bitcoin and Ethereum are fungible tokens which means If you trade Bitcoin or Ethereum for one another, you will have the same value or item in return basically money.

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