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What is NFT real estate?

Have you ever heard of someone buying a virtual house for a million dollars?! You may think that what this person did is a waste of money, but after reading this blog you will have a different opinion.

The recent period witnessed the media publishing many news about the sale of NFT properties for millions of dollars, which sparked a great deal of controversy. In light of this, we will attempt through this article to remove the ambiguity surrounding NFT properties, by providing a detailed explanation of everything related to them.

What is NFT real estate?
First, let us refresh the memory and return to the meaning of NFT, or non-fungible tokens, which are assets, whether digital or real, stored on blockchain networks, and have special metadata that distinguishes them from each other.

These codes differ from digital currencies such as Bitcoin, as digital currencies can be exchanged for other currencies or money of the same value, but NFTs cannot be exchanged. This is due to its distinction and uniqueness.

Non-fungible tokens have a very important feature, which is their ability to represent titles to assets, whether real estate or otherwise. Since real estate of all kinds are commodities, real estate can serve as non-fungible tokens.

Thus, you can define NFT properties as unique and distinctive properties that are sold, bought and exchanged on various platforms.