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Unlike most crypto tokens, NFTs cannot be traded or exchanged for the same token, so they are non-fungible . Each token is essentially a code in a blockchain (most likely Ethereum) that is associated with a specific digital asset and powered by smart contracts.As the market matures, the boundaries of what creators can offer as NFTs are being pushed. From the world’s first digital perfume to digital racehorses, and even an original YouTube video that has become a meme for an entire generation (this one was recently auctioned off as an NFT for $760,999 ).