What is an NFT?
An NFT is similar to a cryptocurrency in the sense that it trades on a blockchain and has a monetary value attached to it. The difference between a cryptocurrency and an NFT though is that an NFT has certain characteristics that make it different from other NFTs, even if the two NFTs seem similar to one another.
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Cryptocurrencies lack legal, monetary, and institutional backing that traditional financial services employ. Instead, cryptocurrencies provide trust through technology. The digital currency was released in 2009 and was heralded as a decentralised network for value exchange that would take power away from governments and big banks and put it in the hands of ordinary people.
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