In cryptocurrency, NFT stands for non-fungible tokens. It is “non-fungible” because it is unique and cannot be substituted with anything else. A NFT is a digital asset on the Ethereum blockchain. In addition to being a cryptocurrency (like bitcoin/dogecoin), Ethereum’s blockchain is also capable of supporting NFTs, which contain extra information that makes them unique. Blockchain is a distributed public ledger that records all transactions. In this way, ownership and authenticity are separated.
The NFTs are minted (created) using objects ranging from art to music. It is possible to acquire them for a personal collection or to sell them via auction.
Drops are limited edition digital collectibles that are released for sale at a specific time and date.
The NFT concept dates back to 2012 but gained popularity in 2017 after CryptoKitties came out.
Sellers can list and create NFTs on open markets. An NFT can only be purchased or sold on these marketplaces with a cryptocurrency wallet installed on a computer or mobile phone. Items are priced by the seller and bid on by buyers. Upon winning, the highest bidder sends the seller the payment directly. The buyer receives the token after this transaction.
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