what does nft stand for

 

“What is the meaning of NFT,” “what does NFT stand for,” and “how did NFT start” are common questions in the crypto world today. NFT stands for Non-Fungible Tokens. NFTs are digital assets that enable people to prove ownership of a store of value. This can be a non-tangible item such as a virtual drawing or something physical like fine art or real estate.

NFTs are not very different from the traditional digital currencies like Bit coin and Ethereum as they run on top of the block chain network. The block chain is a digital ledger where transactions are recorded. This makes it possible to transfer NFTs from one wallet to another in a secure, fast, and low-cost way. Since NFTs run on the block chain network, they can be verified in a transparent manner.

However, the difference between NFTs and digital currencies is that every token is identified by a unique transaction hash. Hence, two NFTs cannot be the same.

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