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What Is NFT? The Rise Of Non-Fungible Tokens In Cryptocurrency

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Kimberly Maceda
What Is NFT? The Rise Of Non-Fungible Tokens In Cryptocurrency



"The resurgence of NFTs or non-fungible tokens is true evidence as to how dynamic the cryptocurrency industry is. NFTs are not something new in the industry, but we are now witnessing their newfound popularity that has prompted a digital art revolution.


This infographic will serve as a visual guide on NFTs and how this affects you as a beginner in bitcoin. In particular, it will discuss its meaning, key differences from bitcoin, different forms, and how it works. Lastly, it will provide tips for a successful NFT launch.


What is an NFT? 


A non-fungible token is a unique, one-of-a-kind digital unit of data stored in a blockchain used to certify the ownership and authenticity of a specific digital or physical asset, including the rights relating to it.


Bitcoin and NFTs


Bitcoin and NFTs can be distinguished by their fungibility or replaceability. Bitcoin is fungible because you can trade it for another bitcoin or on a like-for-like basis. On the other hand, an NFT cannot be swapped for another NFT because each NFT is considered unique, making it irreplaceable.


While bitcoin carries with it intangible value, an NFT represents a real-world asset. The price of each bitcoin is dependent on market fluctuation, while an NFT’s cost is determined by the value the asset represents."


Know more about NFT by reading the original post here: CoinGeek

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Kimberly Maceda
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