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What is meant by NFT?

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NFT stands for Non-Fungible Token. It's a digital asset that represents ownership or proof of authenticity of a unique item or piece of content, such as digital art, collectibles, music, videos, or other digital files. Unlike cryptocurrencies like Bitcoin or Ethereum, NFTs are not interchangeable for one another and each one has a distinct value. They are typically bought and sold on blockchain platforms.

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