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An NFT is a Non-Fungible Token, which is a unique digital asset that is stored on a blockchain. It represents ownership of a specific piece of digital content, such as artwork, music, or videos. NFTs allow digital artists and creators to monetise their work and collectors to own and display unique digital assets.
NFTs allow artists and creators to monetize their work in new ways and receive direct payment for their creations. They also enable creators to retain ownership and control of their work, even after it is sold.
NFTs can be bought and sold on various online marketplaces, such as OpenSea, Foundation, Nifty Gateway, and SuperRare. To buy an NFT, you need to have a digital wallet that supports the specific blockchain on which the NFT is stored. Once you have a digital wallet, you can bid on or purchase NFTs using cryptocurrency.
NFTs are stored on a blockchain, which is a decentralized digital ledger that records all transactions. This ensures that each NFT is unique and cannot be replicated, providing a high level of authenticity for digital content.
The main difference between an NFT and a physical collectible is that NFTs are digital assets that are stored on a blockchain, while physical collectibles are tangible items. NFTs can be bought, sold, and traded in the same way as physical collectibles, but they exist solely in digital form.