Low-fidelity prototypes are early sketches of the initial design idea. In web and software design, these are often static wireframes that range from ideas sketched by hand on paper, basic slides created in software such as PowerPoint, or wireframes created in prototyping software such as Axure.
The rudimentary nature of these artifacts is reflect by the term, "low-fidelity". The key value of such artifacts is that they are inexpensive--it is possible to create many variations and explorations of the products relatively quickly, and the means of creation are inexpensive as well.
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