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What is NFT?

06.06.2022

What is Metaverse?

The concept of NFT stands for "Non-Fungible Token". NFT, which can also be referred to as a type of cryptocurrency, can represent a valuable asset, unlike other types of cryptocurrency, except for classical definitions. It is a digital asset that cannot be changed, has value, and is collectible. NFTs act as bridges in the metadata database and facilitate identity, community, and social experiences in the metadata database.
For example, commodities that can exist in the digital environment and belong to the property of a person can fall into the NFT class. In this sense, NFTs see value as a commodity or product rather than a cryptocurrency.

One of the main reasons for their similarity with cryptocurrencies is that NFTs are also connected to a blockchain-based structure, such as Bitcoin or Ethereum. NFTs are mainly products that see collection value. For example, playing cards, which were very popular in the old days, can correspond to NFT in a digital environment. Another difference between NFT and cryptocurrencies is that each NFT is unique and can be designed differently.

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