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What is an NFT?
Non-fungible tokens (NFTs) are cryptographic tokens that can be used as digital assets. These tokens possess different characteristics than other existing tokens which are interchangeable between different blockchains.

All fungible tokens are interchangeable and transferable between addresses, each carrying the equivalent value information as the other native tokens on the blockchain. Additionally, many fungible tokens are divisible into smaller units. Thes Non-fungible tokens are unique and they are non-divisible. Each token has a different value and characteristics that cannot be swapped for the exchange of other NFTs.

NFTs represent a unique piece of data that is transparent on the blockchain and scarce. NFTs can represent any object or experience that remains unique. NFTs have the ability to put the NFT market front and centre for financial institutions. These non-fungible tokens (NFTs) can be used as collectibles and virtual gaming assets. Virtual assets are the most popular types of NFTs that bring a new paradigm of reality to gamers. Players are now able to own and have rights to certain characters and utilities that offer an exclusive gaming experience.

Pitches of NFT:
NFTs can apply to any digital memorabilia. Jack Dorsey, one of the founders of Twitter, listed his 15-year-old tweet “Just setting up my twttr” for sale as an NFT on marketplace Valuables. The highest bid received at the time of going to press was US$294,444.

A work by Mike Winkelmann, a net artist who goes by the name Beeple, sold for $6.6 million at Nifty Gateway, an online cryptocurrency marketplace for digital art. According to Nifty Gateway, that makes the Beeple piece the most expensive digital work ever auctioned.

Hashmasks were traded 2,724 times on OpenSea at an average price of $3,300. NFT owners gained .$8.9MM in profits that make a gain of $223,486 for the OpenSea Marketplace.

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