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An NFT, or Non-Fungible Token, is a unique digital asset that represents ownership of a specific item or piece of content. Unlike cryptocurrencies like Bitcoin, which are fungible and can be exchanged on a one-to-one basis, NFTs are not interchangeable. Each NFT has a distinct value and is often used to verify authenticity and provenance of digital art, collectibles, music, and more. They are stored on a blockchain, ensuring a transparent and secure record of ownership and transactions.