Cryptocurrency Platform tells what is NFT

01.08.2022 Off By apos2t

Cryptocurrency Platform tells what is NFT

NFTs are non—interchangeable tokens that represent ownership titles to various digital objects: texts, images, audio recordings, digital works of art, game items or characters, domain names, financial instruments, club cards, etc.

If cryptocurrencies are conditionally interchangeable — for example, one bitcoin in one user’s wallet is equal to and identical to one bitcoin in another user’s wallet (if you do not take into account the tracking of origin through blockchain analytics tools), then one NFT token representing the picture is not equal to one NFT token of another user, since it can be different paintings by different artists with different prices.

Each of the NFT tokens is unique and exists in the singular. Non—interchangeable tokens are unique – they cannot be copied. Each contains identifying information recorded in smart contracts. This information makes each NFT different from the other.

With the help of NFT, developers have solved the problem of securing ownership rights to digital objects. Information about the owner and his tokens is fixed in the blockchain. It is not possible to replace or delete the information.

CEO of the Cryptocurrency Exchange Justin Hance, said in an interview on July 24 that he plans to create an NFT platform, because according to Justin Hance, now this direction is gaining popularity and the company is not ready to lag behind the outside world. The exact dates were not called, but Justin Hance said that it is now in his priority.