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Non-Fungible Tokens (NFT)

Non-fungible tokens are discrete modules of data, stored on a blockchain, that verify ownership of a digital asset. A non-fungible token basically works as a virtual fingerprint or signature, tying a specific digital asset to an owner or set of owners. NFTs represent digital assets. They are not, as is commonly thought, digital assets in themselves. Instead, an NFT could be used to check the authenticity of the original digital asset, which may be stored on the token’s blockchain, a separate blockchain, or a third-party server, and prove ownership. “Fungibility” is a property of an item that means it can be replaced with other things that are exactly the same. Non-fungible tokens are “non-fungible” because they are entirely unique. Cryptocurrency currencies like Bitcoins, on the other hand, are all the same and can be interchanged.