What are NFTs? | Remooz
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What are NFTs?

A Non-Fungible Token, or NFT, is a digital contract representing ownership of digital media like art, music, videos, memes, and even real-world objects like designer sneakers and real estate. Non-fungible basically means unique. Something like a dollar bill is fungible because if you trade a dollar bill for another dollar bill, you end up with the same thing. Each NFT has a unique code or address that exists on the blockchain, an online digital ledger or database that records transactions. Think of this as a digital certificate of ownership. If you buy the image of a Bored Ape or a video clip from NBA Top Shots, each carries with it a unique code indicating it’s yours. You access your NFT through a private key which links to the blockchain and indicates proof of ownership. 

If you want to get technical, NFTs are unique because of the computer standard ERC-721. But can’t people just browse pictures of bored apes online and save them to their phones or computers? Or download videos tied to NFTs off the internet? Yes, you can. (Although, depending on the content, you may face some copyright issues.) Still, this is one of the reasons why critics call NFTs nothing more than digital bragging rights. But to the right person, that’s worth a lot of money. In fact, a collection of 101 NFTs from the Bored Ape Yacht Club was sold for more than $24 million in 2021.

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