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What is a Non-fungible token?

 What is an NFT?

NFTs, or non-fungible tokens, are cryptographic tokens that exist on a blockchain but cannot be copied, each with its own unique identifying number and metadata.

NFTs are comparable to orators or information tokens, but they are neither interchangeable or fungible like cryptocurrencies like Bitcoin or Ethereum. NFT supporters claim that NFTs provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT are uncertain. The request of an NFT, as defined by the blockchain, has no inherent legal meaning and provides no other legal rights over the digital files associated with it.

A Non-fungible Token (NFT) is a digital asset, also known as a cryptographic asset, that has a unique identification code and metadata that distinguishes it from a fungible token. They, like cryptocurrencies, cannot be traded or exchanged at equivalent values. The difference between fungible tokens and cryptos is that cryptos are exactly the same and can thus be used for commercial transactions.

Some Famous and Most Expensive NFT

BORED APE YACHT CLUB

BAYC is a collection of 10,000 Bored Ape NFTs—unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card, and grants access to members-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through roadmap activation.

BAYC Floor Price:  91.5 ETH



CryptoPunks (Ͼ)

CryptoPunks launched as a fixed set of 10,000 items in mid-2017 and became one of the inspirations for the ERC-721 standard. They have been featured in places like The New York Times, Christie’s of London, Art|Basel Miami, and The PBS NewsHour.

Floor Price: 47.45 ETH , famous nft:


How does NFT work?

NFTs rely on blockchain technology to function. Because of its unique construction, each NFT has the potential to be used in a variety of applications. A digital asset management platform is a great way to represent actual assets like real estate and artwork digitally. Because NFTs are constructed on blockchains, they can also act as identity management systems in addition to removing intermediaries and linking artists to audiences.NFTs can remove intermediaries, make transactions more efficient, and create new markets.

Many crypto-trading enthusiasts and art collectors use NFTs. Additionally, it can be used for digital content, gaming items, investment collateral, and domain names.


TOP 10 NFT as of now dated 10/JUN/2022



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