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NFT stands for "Non-Fungible Token." It is a unique digital asset representing ownership or proof of authenticity of a specific item or piece of content, often using blockchain technology. NFTs are used primarily in the realm of digital art, collectibles, and other digital media. Each NFT is distinct and cannot be replaced or exchanged on a one-to-one basis with other tokens, making them non-fungible. Ownership and transaction details are recorded on a blockchain, ensuring transparency and scarcity for the digital assets represented by NFTs.

Crypto, short for cryptocurrency, refers to a type of digital or virtual currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology, to secure and verify transactions and control the creation of new units. Cryptocurrencies, such as Bitcoin and Ethereum, provide a form of decentralized and secure digital currency outside the control of central authorities like governments or banks.