NFT

Unlike cryptocurrencies such as Bitcoin, which are fungible (meaning one unit is interchangeable with another), NFTs are unique and cannot be exchanged on a one-for-one basis. Each NFT represents a specific item, and its value is determined by the market demand for that particular item.

NFTs are created using smart contracts on a blockchain network, which are programmed to enforce the ownership and transfer of the asset. This creates a secure and transparent record of ownership that is verifiable by anyone on the network.

In trading, NFTs have become a popular way for artists, musicians, and creators to monetize their work and connect with fans. NFTs allow creators to sell their work directly to collectors, without the need for intermediaries such as galleries or record labels.