What's an NFT?
A Non Fungible Token (NFT) is a digital asset that can be bought and sold online for a profit, stored on the blockchain, guaranteeing its complete uniqueness and sole ownership to the purchaser.
NFT stands for “Non Fungible Token”.
WTF DOES FUNGIBLE MEAN? A fungible item can be exchanged for an identical item or similar. Money is the best example of this. A dollar can be exchanged for another dollar because they both hold the exact same value. A fungible item is also divisible. You can split a dollar into two 50 cent, or five 20 cents.
On the other hand, a non-fungible item has its own unique properties and is one of a kind. Think, collectable Pokémon cards, antiques, and vintage comics. They are non-divisible. You can’t cut a 1st edition Charizard in half, or split the Mona Lisa into quarters!
NFT stands for “Non Fungible Token”.
WTF DOES FUNGIBLE MEAN? A fungible item can be exchanged for an identical item or similar. Money is the best example of this. A dollar can be exchanged for another dollar because they both hold the exact same value. A fungible item is also divisible. You can split a dollar into two 50 cent, or five 20 cents.
On the other hand, a non-fungible item has its own unique properties and is one of a kind. Think, collectable Pokémon cards, antiques, and vintage comics. They are non-divisible. You can’t cut a 1st edition Charizard in half, or split the Mona Lisa into quarters!
Think of an NFT as a digital collectable that can be bought and sold online for a profit. They can represent real-life assets, such as real estate or physical artwork, or they can be basically anything digital.
Like crypto-currency, NFTs are logged on the blockchain, a big database of purchase history. This guarantees an NFT’s two defining features:
- Sole and unquestionable ownership to the buyer.
- Complete uniqueness.