Non-Fungible Tokens
A Non-Fungible Token (NFT) is a digital asset that can be a drawing, animation, song, picture, or video with a blockchain-created certificate of authenticity.
- Tokenizing these commodities lowers the risk of fraud while enabling more efficient buying, selling, and trading.
- Fungibility describes an asset's capacity to be traded in for a comparable asset without losing worth (For e.g., 100 rupees note is fungible).
Characteristics of NFT
- All NFTs have a unique quality and a distinct value from any other similar token.
- They are digitally rare.
- Must be sold or purchased as a whole as they cannot be divided unlike fungible ....
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