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Question

How nfts work?


Answers (1)

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Niaz Amjad
Feb 02, 2022 22:53:52

Since the beginning of time, humans have been looking for ways to define ownership. Who owns these goats? Who owns this land? The answer is simple: whoever has the receipt. We’ve always been looking for a way to track ownership, and we’ve finally found it with non-fungible tokens (NFTs). NFTs are like a digital receipt that says you own something. NFTs are unique, sort of like snowflakes. They're generated using blockchain technology, which makes them hard to duplicate and easy to verify. And they can be used to represent anything—from art to real estate—that can be digitized. Because NFTs are unique and digital, they can easily be transferred between people without ever changing hands in the physical world. The transfer is recorded on the blockchain ledger, so you never have to wonder who owns what. You just check the ledger, and it's all laid out there for you to see. The best part about NFTs is that they work in conjunction with whatever they're representing. If you want to buy a piece of art or a new pair of sneakers as an NFT, then you don't actually need the physical product itself.

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