A Non-Fungible Token (NFT) is a type of digital asset that is unique and cannot be replicated or exchanged on a one-to-one basis. This is in contrast to traditional cryptocurrencies, which are interchangeable and have a uniform value. NFTs are built on blockchain technology using smart contracts, which allows for the creation and secure transfer of unique digital assets.

Each NFT is represented by a digital token, which contains information about the asset it represents and its ownership history. This allows for the verification of the authenticity and ownership of the asset. NFTs can be bought and sold on online marketplaces, and their value is determined by factors such as the rarity and perceived value of the asset they represent.

NFTs have gained popularity in recent years, particularly in the world of digital art and collectibles. They have also been used to represent other forms of digital content, such as videos, audio recordings, and virtual real estate. Overall, NFTs offer a way to establish ownership and authenticity of digital assets in a secure and verifiable manner.

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