A Non-Fungible token or NFT is a unique cryptographic asset that exists on the blockchain that cannot be replicated.
There can never be a true copy of an NFT anywhere else.
Non-fungible refers to objects that are not interchangeable and replicable. They cannot be replaced by identical items, versions, or models due to different builds, qualities, or characteristics.
Some examples of non-fungible assets are artworks, collectible trading cards, real estate, second-hand cars, and even snowflakes!
The concept of NFTs started in 2012 with a paper written by Meni Rosenfield titled “Coloured Coins.” It was previously introduced under the Bitcoin blockchain.
As of 2022, NBA Top Shot, an officially licensed sports memorabilia, and the Bored Aped Yacht Club, a 10,000 unique digital primate collection, are now the leading gateways for NFT adoption, recording more than $1 billion in total sales.
To buy an NFT, you need to have cryptocurrency stored in a digital wallet which you can then use to buy them, usually from online NFT marketplaces such as OpenSea and MagicEden.
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