What are NFTs, and how do they utilize blockchain?

Non-fungible tokens (NFTs) are unique digital assets that represent ownership of specific items, such as art, music, or collectibles, on a blockchain. Unlike cryptocurrencies, which are interchangeable, NFTs have distinct characteristics that make them one-of-a-kind. They are created using smart contracts, often on platforms like Ethereum, which record ownership and transaction history on the blockchain. This provides verifiable authenticity and provenance, making NFTs appealing to artists and collectors. The NFT market has exploded, with notable sales and projects capturing public attention. However, concerns regarding copyright, environmental impact, and market speculation have arisen, prompting discussions about the future of NFTs in the digital economy.

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