What is an NFT and why are they so popular?

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Non-fungible tokens (NFTs) have been an integral part of the cryptocurrency space for the past two years. However, its value and usefulness across many industries has propelled its spread into mainstream consciousness.

Jackson Dumont, Director of Video Production at Cointelegraph, delves into the intricacies of NFTs, highlighting the importance of the underlying blockchain technology in digitally proving ownership of rare assets:

“NFTs provide a unique, verifiable and immutable proof of ownership of digital goods. True digital ownership of assets through NFTs is a revolutionary idea that will change the way we interact with the Internet.”
Another important aspect of NFT technology highlighted by DuMont is handing over the ownership of digital assets to users as the Web3 functionality begins the spread of the Internet.

NFT comes in many different forms, from the best NBA highlights to multi-million dollar art pieces by some of the world’s most talented creators. Technology is also used as a way to solve ticketing dilemmas and other real-world use cases.

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