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02.12 - 06:21
Non-Fungible Tokens (NFTs): What Are NFTs, What Are NFTs Important, What Are The Risks: 6-Point Explainer
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ndtv.comNFTs are seen as a way to have possessions in online and virtual environments
Non-fungible tokens (NFTs), a type of digital asset, have exploded in popularity this year, with NFT artworks selling for millions of dollars.
The trend is perplexing those who might wonder why so much money is being spent on items that only exist in digital form and can be viewed by anyone for free. Supporters view NFTs as the next phase in art collection.
What is an NFT?
An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers. The blockchain serves as a public ledger, allowing anyone to verify the NFT's authenticity and who owns it.
So unlike most digital items which can be endlessly reproduced, each NFT has a
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