![]() ![]() Similarly, cryptocurrency is what you use for any and all transactions on the blockchain. Crypto can be purchased or converted into fiat currencies (dollars, euros, yen, etc.) or other cryptocurrencies (BTC, ETH, SOL, etc.) via crypto exchanges. You use the money in your bank account to purchase goods and services in the real world. How are NFTs different from cryptocurrency? If you’re interested in that kind of breakdown, our NFT dictionary gives you a comprehensive overview of all the technology and infrastructure in the NFT ecosystem. The NFT can be kept as part of a private collection, or it can be bought, sold, and traded using NFT marketplaces and auctions.Īs you might imagine, the technical definition is a bit more convoluted.The NFT now represents that item on the blockchain, verifying proof of ownership in an immutable record. ![]()
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