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I just revisited the topic of NFT’s and think I finally got my head around some stuff I didn’t fully understand…

NFT = Non-Fungible Token

It is a special kind of unique digital asset (a "token") that is recorded and stored on a blockchain (a distributed digital ledger). Unlike other tokens like Bitcoin where each token is exchangeable and equivalent to any other one — the same way a dollar bill is exactly the same as any other dollar bill — NFTs are unique or highly limited. 

This allows them to certify specific versions of digital items, like the nyan cat meme, and by creating scarcity and a sense of authentication, produce value.

It seems straightforward enough but I originally had lots of questions. Think I’m good now. 

I don’t think I’ll ever purchase or bother making one myself but I can see how it would be helpful for say a musician with tracking royalties etc.


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