Non-fungible tokens (NFTs) have brought new life to collectibles, memorabilia, and art markets since they took the world by storm in 2021.
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Tokenization refers to a process by which a piece of sensitive data, such as a credit card number, is replaced by a surrogate value known as a token.
Non-fungible tokens (NFTs) are assets that have been tokenized via a blockchain. Tokens are unique identification codes created from metadata via an encryption function. These tokens are then stored on a blockchain, while the assets themselves are stored in other places. The connection between the token and the asset is what makes them unique.
NFT art is a digital asset that the buyer owns and can sell or trade on a blockchain platform. The sale of NFTs is a means of selling digital art without building an extensive social network. Blockchain transactions take place on NFT marketplaces, reducing the obstacles of self-promotion.