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How does NFTs works?
NFT stands for Non-Fungible Token. It is a unique digital asset that is verified on a blockchain network, making it one-of-a-kind and impossible to duplicate or counterfeit. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and interchangeable, each NFT represents a specific digital asset that cannot be replicated. When someone creates an NFT, they assign a unique identifier code to it, which is recorded on a blockchain network. The blockchain acts as a digital ledger that keeps track of ownership and transactions of the NFT.
NFTs can be used to represent any type of digital content, such as artwork, music, videos, and even tweets. Once an NFT is created, it can be bought and sold on various online marketplaces that specialize in NFTs. The value of an NFT is determined by factors such as the rarity, popularity, and historical significance of the digital asset it represents.
When an NFT is sold, the ownership of the digital asset it represents is transferred to the new owner, along with the rights to display or use it as desired. The blockchain network keeps track of the ownership and transaction history of the NFT, making it easy to verify its authenticity and ownership.