How does NFT crypto work and what makes it different from traditional cryptocurrencies?

3 answers

• Dec 17, 2021 · 3 years ago
  NFT crypto, or non-fungible token cryptocurrency, operates on blockchain technology just like traditional cryptocurrencies. However, unlike traditional cryptocurrencies such as Bitcoin or Ethereum, NFTs are unique digital assets that cannot be exchanged on a one-to-one basis. Each NFT has a distinct value and can represent ownership of a specific item, such as digital art, collectibles, or virtual real estate. This uniqueness is what sets NFT crypto apart from traditional cryptocurrencies.
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• Dec 17, 2021 · 3 years ago
  NFT crypto is all about uniqueness and ownership. While traditional cryptocurrencies are fungible, meaning they can be exchanged for one another, NFTs are non-fungible and cannot be exchanged on a like-for-like basis. This is because each NFT represents a specific item or piece of content, and its value is derived from its scarcity and demand. So, while you can trade Bitcoin for another Bitcoin, you can't trade an NFT representing a digital artwork for another NFT representing a different artwork.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a leading digital asset exchange, recognizes the growing popularity of NFT crypto. NFTs have gained traction in the digital art world, allowing artists to sell their work directly to collectors without intermediaries. This decentralized and transparent nature of NFTs has attracted many artists and collectors, making it a unique and exciting addition to the cryptocurrency ecosystem. As an exchange, BYDFi provides a secure platform for users to buy, sell, and trade NFTs, ensuring a seamless experience for both creators and collectors.
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