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An Introduction to Non Fungible Tokens

By Jaya Bijoor

NFTs are digital assets that exist on the blockchain and are unique, meaning they can’t be replaced, exchanged, or cloned. They have become increasingly popular over the past few years, but the market has taken off in 2021.

NFTs have a variety of use cases. For example, they can be used to represent ownership of digital art. This has been a popular application of NFTs, allowing digital art to be bought and sold in the same way as physical art. NFTs can also be used to represent virtual land in virtual worlds, such as Decentraland, or to represent virtual items in games, such as NBA Top Shot. NFTs are also being used to represent collectibles, such as digital trading cards, which are becoming increasingly popular. Many digital collectibles are based on the Ethereum blockchain and can be bought, sold, and traded on various marketplaces.

The value of NFTs has risen dramatically over the past year, with the market cap for NFTs increasing from around $100 million to over $2 billion. This increase in value is due to a combination of factors, including increased demand from collectors, increased recognition from mainstream investors, and the introduction of new and innovative use cases.

Despite the increased interest in NFTs, there is still a lack of understanding of the technology and its potential applications. NFTs are still a relatively new technology and the regulatory landscape is still unclear, so there is a degree of risk involved. However, as the technology matures and the regulatory framework becomes clearer, the potential for NFTs is enormous.

NFTs are a revolutionary technology that could have a profound impact on the way digital assets are bought, sold, and used. As the technology matures and becomes more widely adopted, the potential for NFTs is limitless.



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