Non-Fungible Token (NFT)

Non-Fungible Token (NFT)

NFTs are non-fungible tokens.

It basically means that it's a one-of-a-kind of digital asset that belongs to you and only you.  

NFT is a digital asset that represents real-world objects, like art, music, videos and game items.

They are bought and sold online. 

They are encoded with the same underlying software as many cryptos.

Similar to cryptocurrencies these NFTs are bought and sold on specialized platforms.

What is NFT?

NFT gives us a way to have clear ownership over a digital item. 

It allows us to buy and sell ownership of unique digital items that keep track of who owns them by using the blockchain.

It contains anything digital like painting, songs, animated GIFs, or video games.

Cryptocurrency and NFTs

Cryptos are fungible means they can be exchanged.

NFTs are non-fungible.

Fungible means replaceable by another identical item. 

Token of NFT is unique and irreplaceable.

NFTs are bought and sold on a digital marketplace like goods are sold on Amazon.

This marketplace allows you to buy digital goods at a price set by the creator.

Higher the demand higher the price.

NFTs are certainly speculative right now.

I hope that this article has helped you to know about NFT. Share this blog with your family and friends.