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The future of NFTs: A hype or hope for crypto-economy?


If you’ve heard about Cryptopunks, Hashmasks, NBA Top Shots, or even celebrity tweets being sold for millions, then you’re likely already aware of the craze around NFTs – Non-Fungible Tokens.

What is NFT?

NFTs are not cryptocurrencies. Cryptocurrencies, such as Bitcoin or Ether are the native payment currencies of a blockchain, a chain of blocks produced by miners that represents an incorruptible ledger of transactions. Platforms such as Wirex allow you to buy, hold and exchange different cryptocurrencies, meaning you can use them to purchase just about anything. 

However, unlike NFTs, cryptocurrencies are deemed fungible, interchangeable, and indistinguishable, like any commodity or traditional currency. You can trade one Bitcoin for another, and both Bitcoins will always be worth exactly the same as each other....