What are Non-Fungible Tokens (NFT)?

What are Non-Fungible Tokens (NFT)?
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Synopsis

Digital art is currently the most common use of the NFT.

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1. NFT is a unit of data which is stored on a digital ledger (blockchain) and can be sold and traded.

2. NFT data units may be associated with digital fi les such as photos, videos, and audio.

3. Each NFT may represent a different underlying asset and can have a different value

4. NFT ledgers claim to provide a public certificate of authenticity or proof of ownership.

5. Digital art is currently the most common use of the NFT.

(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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