NFT stands for ‘non-fungible token’. The non-fungible part means unique and non-replaceable. No swapping like for like. The token part means it’s digital and protected using blockchain technology, like cryptocurrency. NFTs make a lot of sense when used for selling digital art – a digital image can be sold as an NFT, much as you would sell a physical painting, allowing you to own the ‘original’ version, and the artist continues to benefit every time the NFT is resold. But the idea of NFTs feels questionable when anyone can also have a copy. What are NFTs
It can be an image file, a song, a tweet, a text posted on a website, a physical item, and various other digital formats. This basically means that someone can own a digital file (and that it’s marked with code to differentiate it from any digital replicas).
Token holders may get stuck with NFTs if their popularity declines and people stop wanting to buy them. NFTs, (like all cryptocurrencies) have a large impact on the environment. NFT transactions must be verified through Blockchain to guarantee the encryption is valid, which consumes enormous amounts of energy.
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