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What are NFTs? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
NFT stands for non-fungible token. It’s a unique digital asset that is not interchangeable with other assets of its kind (in contrast to fungible assets, such as cash or commodities, which are easily interchangeable). NFTs function as certificates of authenticity and/or ownership for real or virtual assets. Sometimes the NFTs are the assets (for example, digital artwork). When NFTs are bought and sold, the transactions are recorded on a blockchain, or decentralized digital ledger.
Example: “Online marketplaces sell NFTs for everything from memes and music to tweets and avatars.”
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