Non-fungible tokens (NFTs) are a type of digital asset that represent ownership or proof of authenticity of a unique item or piece of content, often involving digital art, music, videos, collectibles, and other forms of media. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged like-for-like. Purpose of NFTs Ownership and Provenance: Digital Ownership: NFTs provide a way to establish and verify ownership of digital assets. This is important in the digital world, where copying and sharing are easy and widespread. Provenance Tracking: They offer a transparent and immutable record of ownership history, which can be essential for proving the authenticity and origin of digital assets. Monetization for Creators: Direct Sales: Artists and content creators can sell their works directly to buyers without the need for intermediaries, keeping a larger share of the profits. Royalties: Smart...
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