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What is NFT?
CT_School: Main Things about NFT

Let's move away from terms and complex workflows for a moment and talk more about the NFT itself — what is it and how to interact with it? Let's find out!

What is NFT?

NFT stands for Non-Fungible Token — a digital asset that has been assigned a special, non-copyable code to keep it unique on the blockchain.

What do you need to know about NFTs?

Despite the fact that NFTs have been around for many years — the first-ever tokens appeared in May 2014 — most people still do not understand what they are.

In general, you need to know 3 key points about NFT:

NFT — Uniqueness

All NFTs are non-fungible and unique. But what does this mean for the average user? Well, it's not that complicated:

Fungible object: can be exchanged for another one of equal value. For example, your $10 is equal to your friend's $10 — they are the same and can easily be exchanged for one another.

Non-fungible object: holds some unique characteristics. So, for example, the information contained in the NFT's code is not fully duplicated in any other — two tokens cannot be identical to each other.

NFT — Ownership

Finding out and confirming the ownership of a particular NFT is quite simple. All the necessary information about its holder (and all the previous ones too) is stored in the blockchain and is available for public viewing.

NFT — Special features

Not all NFTs are just pictures — many give their owners various possibilities! Such tokens are unique to a particular ecosystem and provide their holders with all sorts of ways to interact with it.

What are NFTs for?

The applications of NFTs are various, and they can bring completely different benefits to their owner. For example:

With NFT, you can purchase objects from both the virtual and real world. In this case, the token works as a proof of ownership and can later be exchanged for the corresponding object.

Many projects use NFTs as tickets. All you need is to purchase a unique token that confirms your right to enter the event to enjoy the trip to the long-awaited concert!

NFTs are actively used in the gaming industry. Want to get a unique costume for your character? Buy the corresponding NFT! Into trading cards games? Collect a deck that no one else has and win!

They also can open up unique ways to interact with communities, such as the CryptoTab Utility. The owner of such an NFT gets the opportunity to participate in a special mailing of users of the CryptoTab ecosystem!

While some NFTs can even bring you a long-term incomeNFTs Mining give you access to incredible BTC mining speeds in the CT NFT service. And that's not all, other tokens from the collection give you discounts, mining speed bonuses and much more!

And this is just the beginning — the possibilities of NFT are endless, their popularity is growing, and every day more and more people and companies are integrating into the NFT world. In the future, we will definitely see even more use of this modern technology!

Stay tuned and ask all questions on our Twitter! We'll talk more about NFTs in future articles — don't miss out!

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Published: June 21, 2022

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