NFTs shift the crypto paradigm by making each token unique and irreplaceable, thereby making it impossible for one non-fungible token to be equal to another. Like physical money, cryptocurrencies are fungible i.e., they can be traded or exchanged, one for another: this fungibility characteristic makes cryptocurrencies suitable for use as a secure medium of transaction in the digital economy. Much of the current market for NFTs is centered around collectibles, such as digital artwork, sports cards, and rarities.Ĭuriosity: Twitter's Jack Dorsey tweeted a link to a tokenized version of the first tweet ever written where he wrote 'just setting up my twttr.' The NFT version of the first-ever tweet has already been bid up to $2.5 million. Because they are based on blockchains, NFTs can also be used to remove intermediaries and connect artists with audiences or for identity management. The distinct construction of each NFT has the potential for several use cases. NFTs can also be used to represent individuals' identities, property rights, and more.'Tokenizing' these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud.NFTs can be used to represent real-world items like artwork and real-estate.NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency Non-fungible tokens (or NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.

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