NFTs Characteristics

What Are NFTs? Characteristics

What Are NFTs? Characteristics

A token is an encryption of information that is stored on a ledger called a blockchain. A token can be associated with a specific digital or physical asset and a license to use that asset for a specified purpose. A token can be traded and sold on digital markets. The extralegal nature of token trading usually results in an informal exchange of ownership over the asset that has little basis for enforcement and therefore confers little more than use as a status symbol.

 

A NFT is a digital asset that can be attached to other digital assets on the blockchain. This digital asset can be used to represent a certain asset or asset type. A NFT is not interchangeable with other assets. NFTs are created when a record containing a hash is appended to the previous record. Each record is attached to the previous record by using a cryptographic hash, this ensures the authentication of the record. Each record can also contain links to other records. These links can be to external links such as website or other asset details.

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