Non-fungible tokens (NFTs) are unique digital assets stored on a blockchain, representing ownership of specific items, whether digital or physical. Unlike cryptocurrencies such as Bitcoin, which are fungible and interchangeable, each NFT has distinct characteristics that make it irreplaceable. This uniqueness allows NFTs to certify ownership and authenticity of various forms of content, including art, music, videos, and even virtual real estate.
Since their inception in 2014, NFTs have gained immense popularity, particularly in the art world. High-profile sales have brought significant attention to the market, with some NFTs fetching millions of dollars. As of January 2025, the NFT market continues to evolve, with platforms like OpenSea and Rarible facilitating transactions.
NFTs utilize smart contracts to automate ownership transfers and ensure creators can earn royalties on resales. This innovative technology has the potential to revolutionize how we perceive ownership and value in the digital age.
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