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[Non-fungible token]. An irreplaceable award, often described in [the music industry] to label a physical trophy distributed by an artist to one lucky winner. “Non-fungible”, meaning unique and one-of-a-kind. “Token”, as in an award or trophy Not all NFTs are free or involved in a giveaway. An NFT may be used in a raffle or bidding. However, [the highest] bid nor total raffle amount determines the value of the NFT. After all, it is meant to be the only existing one of its kind.
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