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Trading between users

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NFTs can be traded on a peer-to-peer basis without the need for an intermediary. In this model, the trade takes place directly between two people or groups instead of using one person (or company) as an intermediary for all trades to facilitate and monitor them. This means there's no need to rely on another party, like eBay or Amazon, to buy something from someone else; you can do it yourself using just your phone.

The internal exchange mechanisms that allow users to trade between themselves without an intermediary are called decentralized exchanges (DEXes), which enable you to sell your assets independently of a third party — they’re becoming popular because centralized exchanges are vulnerable to theft. Exchanges run by a company require the system to be controlled by a single party, negating the power of blockchain and turning it against the user. If an item is stolen from a company exchange, it’s nearly impossible to retrieve it again.

NFTs For Dummies

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