And how it helps business develop

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Now we are on the verge of exploring a whole new universe, or rather a metaverse, which offers a plethora of marketing opportunities. And one of these opportunities is NFT.

But what are NFTs and how can they be used for marketing?

In this article, we'll look at what NFTs are and how companies are incorporating NFTs into their marketing strategies.

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What is NFT?
NFT, short for “non-fungible token”, is a hot topic all over the world. To understand what NFT is, let’s break down the term:
Fungibility means something that can be exchanged without affecting the individual value. Here, fungible goods are replaced by another identical good for a fungible term.
Knowing this clarifies the meaning of the term “non-fungible” – goods cannot be replaced because the value they offer is not the same. For example, Claude Monet’s “Water Lilies” cannot be replaced by Vincent Van Gogh’s “Sunflowers”. They are both paintings, but unique works of art that cannot replace each other.

NFTs are thus non-fungible – digital assets that cannot be exchanged but can be bought and sold.

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What is NFT?

Token
Literally, a token is a symbol, an emblem, a reference to armenia telegram data something. In terms of NFTs, a token means “ownership” of specific elements. You can tokenize multiple NFTs at once, but one NFT can only have one owner.

In addition, tokens work as a virtual currency. Like Bitcoin, Litecoin, and other digital currencies, the token is also a type of virtual currency. Also, these tokens in NFT are protected by the Ethereum blockchain to protect the record of the NFT owner from illegal modification and copying / pasting of another NFT item.