NFTs, or non-fungible tokens, have become very popular in recent years, with some selling for millions of dollars. But why are NFTs so exceptional? Using smart contracts is one of the essential elements.
Smart contracts are basically contracts that run on their own, with the terms of the agreement between the buyer and seller being directly encoded into lines of code. These contracts are then saved on a blockchain, where they become secure, transparent, and unchangeable. They do away with the need for middlemen like banks or attorneys by ensuring that all participants in a transaction fulfill their responsibilities.
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