About Utility NFTs
Refresher on NFTs
Non-Fungible Tokens (NFTs) are unique digital assets that use blockchain technology to establish verifiable ownership and provenance. They have taken the digital world by storm and have proven their utility across a range of sectors, from digital art to virtual real estate and beyond.
NFTs are unique cryptographic tokens that represent ownership of a unique item or piece of content on the blockchain. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a like-for-like basis, NFTs are unique and can't be exchanged on a like-for-like basis. They are essentially digital certificates of authenticity and ownership.
The utility of NFTs in the LAKE ecosystem pushes beyond conventional (mis?)understanding of NFTs, offering an efficient means of proving, tracking and managing user rights, rewards, and access within the system.
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