Definition ∞ Non-fungible assets are unique digital items that cannot be replaced by another identical item. Each asset possesses distinct characteristics and verifiable ownership recorded on a blockchain. Examples include digital art, collectibles, and virtual land.
Context ∞ Non-fungible assets, commonly known as NFTs, have revolutionized digital ownership and creative economies. Their market growth prompts discussions about valuation methodologies, intellectual property rights, and regulatory classifications. The ongoing evolution of these assets includes expanded utility in gaming, identity, and various real-world applications.
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