How the NFT Art Market Works

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Non-fungible tokens are non-interchangeable tokens that cannot be split and replaced or reproduced from the same currency. An NFT confirms ownership of a digital asset but does not prevent it from being copied. NFTs are different from other cryptocurrencies because of their "construction," and their value is determined by the person who produces them, or the investor, not by someone from the outside. The most famous NFT sale was made by American artist Bipple, who sold a collage of work for $4 million at Christie's auction house.