WETH and MANA are crypto tokens used to purchase NFTs. Therefore, buying an NFT on OpenSea (a member of the Ethereum network) requires Ethereum's fungible WETH token, whereas buying NFTs on Decentraland requires its native fungible token MANA. In general, NFTs are available from certain marketplaces where it is required to use a blockchain-specific token. Similar to money in the physical world, which can exist in different currencies, the digital world has different crypto tokens. They are fungible meaning that they can be exchanged with each other and that one token will equal the value of an identical token. NFTs frequently represent art or collectibles, which can range from graphics of bored apes to sports collectibles.Ĭryptocurrencies are digital currencies that are often used to purchase NFTs. They can be traded, but each NFT will have its own value, based on supply and demand. NFTs are cryptographically unique digital assets, meaning, each of them is uniquely identified in the blockchain. Both are "tokens" and both are viewed as assets that may appreciate. It's easy to confuse cryptocurrencies and NFTs. NFTs are non-fungible versions of digital tokens, meaning that they are one-of-a-kind assets, generally representing ownership rights to digital art, but not always the original work from which the NFT is derived. The idea of digital tokens or cryptocurrency is one part of the digital transformation taking place in today's economic landscape.
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