NFT stands for 'Non-Fungible Token.' 'Non-fungible' means each token is unique and can't be replaced with something else. For example, a rare digital collectible or a one-of-a-kind artwork is non-fungible. This is different from something like a dollar bill or Bitcoin, which are fungible and can be exchanged one-for-one. 'Token' means a digital asset, so an NFT is a unique digital item that can't be swapped for another on a one-to-one basis. Think of an NFT as a digital certificate of ownership. Just like owning a rare baseball card or a painting, an NFT proves you own a unique digital item. NFTs are often used to show ownership of digital items like artwork, collectibles, and even virtual real estate. They are stored on a Blockchain, a secure computer system that ensures the ownership and history of the NFT can be verified by anyone. NFTs are a new and exciting way to own rare digital items. If you create a digital painting or a virtual trading card, you can turn it into an NFT, making you the owner of that specific digital asset. While others can make copies, the original belongs to you. Sometimes, expensive NFTs can be owned by a group of people, called fractional ownership. Smart contracts on Blockchain make NFT transactions secure and automatic.
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Understanding NFTs: Unique Digital Assets

NFT stands for 'Non-Fungible Token.' 'Non-fungible' means each token is unique and can't be replaced with something else. For example, a rare digital collectible or a one-of-a-kind artwork is non-fungible. This is different from something like a dollar bill or Bitcoin, which are fungible and can be exchanged one-for-one. 'Token' means a digital asset, so an NFT is a unique digital item that can't be swapped for another on a one-to-one basis.

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