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Showing posts with the label Non-Fungible Tokens (NFTs) Non-Fungible Tokens (NFTs) Non-Fungible Tokens (NFTs) Non-Fungible Tokens (NFTs)

Non-Fungible Tokens (NFTs)

🎨 What Are Non-Fungible Tokens (NFTs)? NFTs are unique digital assets stored on a blockchain, representing ownership or proof of authenticity of a specific item — usually digital art, collectibles, music, virtual real estate, or even gaming items. Unlike cryptocurrencies such as Bitcoin or Ethereum (which are fungible , meaning one token is interchangeable with another), NFTs are non-fungible , meaning each token is one-of-a-kind and cannot be exchanged on a one-to-one basis. 🔑 Key Characteristics of NFTs Characteristic Explanation Uniqueness Each NFT has a distinct identifier on the blockchain. Indivisibility NFTs cannot be divided into smaller units; you own the whole token. Ownership Proof of ownership and provenance is verifiable on-chain. Interoperability Can be used across different platforms and apps supporting the same standards. Programmability NFTs can have built-in rules via smart contracts (e.g., royalties to creators). 🛠️ How NFTs Work Creation (Minting): Di...