In News
- The term NFT (Non-Fungible Token) is often heard in the news.
What is a Non-Fungible Token?
- It is a digital asset that represents real-world objects like art, music, in-game items and videos.
- They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
- It was first created by inventors in 2014 and named ‘” monetized graphics”.
- The key difference between cryptocurrency and NFT is that cryptocurrency is fungible. One can trade a Bitcoin for another Bitcoin but cannot do so for an NFT.
What are Cryptocurrencies?
- Cryptocurrencies are “a stateless digital currency” in which encryption techniques are used for trading and these ‘currencies’ operate independently of a Central bank like the RBI, “rendering it immune from government interference”.
Source: ET
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