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What Are Non-Fungible Tokens?
A non-fungible token (NFT) is a digital asset that is verifiable on blockchain technology. Assets include artwork, music, or in-game assets such as unique avatars. Because they are unique, NFTs are becoming sought after as collectibles.
Characteristics Of NFTs
Scarcity
The value of the NFTs is always increasing due to their scarce nature. The developers program the platform in a way that only a certain amount of NFTs are produced.
Uniqueness
Since NFTs are unique, they are not interchangeable. Thus, the information regarding the NFTs cannot be altered and it provides the certification for the authenticity of the digital assets.
Transparency
Since NFT are developed on a decentralized ecosystem, the information and data regarding the transactions are verified publicly. Hence NFT provides high-level transparency.
Working Of NFT Marketplace
