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What is an Algorand NFT?
An Algorand NFT on a high level has the same properties and characteristics like NFTs found on other smart contract platforms. A non-fungible token is a digital asset with on-chain ownership and identification of its authenticity that includes assets where the value is embedded in the data of the NFT, external to the NFT (in-game items), or with an off-chain asset (real estate or IP rights).
An Algorand NFT held on a network that is decentralized by design, according to the team, offers the assurance of the future of that blockchain. Without it, an NFT is in danger of losing value over time because it isn’t backed by its own blockchain.
Furthermore, the team outlines 3 additional core characteristics of Algorand NFTs. First, all Algorand transactions are final in milliseconds, removing any uncertainty about the NFT settlement process and allowing for the success and scalability required for successful minting. Second, a low-fee platform allows for more participation by creators, democratizing the creation, ownership, and sale of NFTs.
Finally, allowing individuals to share ownership of valuable assets with access to fractional ownership and NFTs, allows high-cost items to be more affordable.
