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NFT (Non Fungible Token): What is it?

In the rapidly growing digital ecosystem, NFTs have been in the limelight in recent months. Highlighted by several record sales at the start of the year, this new technology represents a huge breakthrough for some blockchains, a speculative product for others! It didn’t take long to arouse the curiosity of the general public! NFTs quickly became popular on social networks and the Internet …

What is NFT?

In a sentence: NFT is a digital object for which we assign a unique and non-reproducible code. It is therefore possible to trace the life of every object, from its creation to the present day, all secured by blockchain technology.

An NFT or “fungible token” is a digital asset issued by a blockchain such as Ethereum or BinanceChain. Non-fungible means that each token or (token) is unique, and cannot be reproduced, unlike “classic” cryptocurrencies, which are identical and identical, such as Ethereum or Bitcoin.

In other words, an NFT, by its uniqueness and not reproducibility, attracts many collectors just like a work of art. The rarity of NFTs, ensured by powerful blockchain technology, excites the crowd. Sales records attached for several months!

NFTs can be created on various blockchains. In this article, we will focus on Ethereum, which has the largest number of crypto-artists.

Anyone can make, buy or sell them on different marketplaces.

You can think of an NFT as a one-of-a-kind collectible card owned by a lucky owner who can sell or trade it whenever he wants.

In practice, this NFT format card is represented by a digital commodity, and its existence is ensured by the blockchain and its unique code. In itself, it is the existence as a digital commodity in the blockchain that makes an NFT unique.

NFTs are bought and traded like any other Ethereum-based cryptocurrency. There are various specialized markets, such as open sea or rare. Transactions are made in cryptocurrency, most often in ETH or USDT.

Invest in NFTs?

Record sales in recent months are attracting more and more speculators hoping to hit the jackpot. It must be said that when you see the capital gain of something, it can make your head turn.

For example, this free CRYPTOPUNKS that originated in 2017 recently sold for about $1,600,000.

NFT (Non Fungible Token)

Many new projects capture the concept and hope that one day they will have the same success. This is the case with CRYPTOWORMS for example! NFT A limited range of NFTs available on Opensea’s largest marketplace!

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