What is the difference between crypto and NFTs?

[martinnura]

Ever since its inception, there has been a lot of debate surrounding cryptocurrency. And with decentralized technology beginning to take over Web 3, a lot of other concepts have been confused for crypto, chief among which are NFTs. Now, while they share a similar background in blockchain, the two are actually worlds apart.

NFTs are often considered to come under the crypto umbrella, and it is true that you need cryptocurrency for transactions in several cases. However, the difference lies in something very simple. Cryptocurrency is currency. NFTs are not. That is, one bitcoin can simply be exchanged for another. But an NFT, say an in-game asset that you would buy on an NFT gaming marketplace, cannot be bartered away like that. Each NFT is unique and its value is subject to intangible benchmarks like popularity or desirability.

So while the two are similar in some regards, there is an important distinction. Crypto is purely economic. NFTs have economic value, of course, but to a growing number of people, they represent so much more.

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