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NFT, which stands for Non-Fungible Token, is a technical term for information that cannot be replicated outside of a blockchain. As a result of their inclusion in the blockchain and legitimate authenticity, NFTs have a significant impact on the collector market. Data from a recent report revealed that monthly volumes reached an eight-month high above $1 billion on January 23. The cumulative nonfungible token (NFT) trading volume trended higher on January 23.