Non-fungible token

Non-fungible cryptocurrency token

Non-fungible cryptocurrency token

 

Non-Fungible Tokens (NFT) are unique units of data that are stored on a blockchain. NFTs can be associated with digital files such as photos, videos and audio. Unlike most cryptocurrencies, NFTs are not interchangeable. Instead, they are uniquely identifiable.

 

NFT ledgers are public certificates of ownership. They can be used as proof of ownership. The rights that can be conveyed by NFTs are uncertain. They do not necessarily convey the copyright of the digital files. They do not prevent the creation of NFTs with identical associated files.

 

The blockchain and cryptocurrency markets have been growing by leaps and bounds. However, they have also attracted a great deal of criticism for the energy cost and carbon footprint associated with validating transactions. It’s also been compared to a Ponzi scheme.

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