![]() ![]() ![]() Although there are many replicas, there is only one original Mona Lisa in the world, and this piece of art is unique, creative, and indivisible. In a physical world, a tangible example would be Mona Lisa’s painting by Leonardo Da Vinci. NFTs are created (i.e., minted) on a blockchain, such as Ethereum, which authenticates the ownership and the NFT asset (i.e., where it comes from, where it originates, and who is the owner). Examples of NFTs range widely from digital art, domain names, games, and collectibles, to rare audio and video recordings. Non-fungible characteristic of these tokens or assets refers to the unique or scarce and non-replicable nature of this digital-crypto assets compared to, for example a Bitcoin or a $1 bill, where each unit of the asset is interchangeable and is the same. NFT is a unique, non-interchangeable digital asset backed by blockchain ledger technology. Even the recent episode of Saturday Night Live (SNL) has featured an entertaining segment explaining the nature of NFTs to the rhythmic beat of an Eminem song. What is a non-fungible token (NFT)? Recently, the media has seemed to catch on to the new(ish) invention-NFTs.
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