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NFTs are an acronym that stands for Non Fungible Tokens. They are used to describe things that cannot be replaced as they are special and have special properties like your computer, your favorite dress, or your key holder. They exist on a blockchain, which is distributed ledgers that record transactions. They're not directly interchangeable with other tokens 1:1. For example 1 ETH is exactly the same as another ETH. This isn't the case with an owner and this information is easily verifiable. Each token minted has a Unique Identifier.