What an NFT is | What does NFT mean | future of NFT


What an NFT is?

NFT stands for Non-Fungible Token 

Fungible means something is able to be exchanged or substituted and will hold the same value. 

It's interchangeable like the dollar, gold, casino chips, bitcoin, ethereum, or frequent flyer loyalty points.

Let's take an Example

If I lend you 10 cash and you return to me two five-dollar banknotes. I'm fine with that because even though they are different they hold the same total value they're fungible.

So non-fungible obviously means it's an asset that can't be substituted it has unique attributes that make it different from something else in the same asset class. 

Like a painting, a theater ticket, a house, a video game skin, a trademark, or a crypto kitty which was the first real use case to take off on the ethereum blockchain in 2017.

Some of these assets are physical and tangible and others are digital and intangible.NFTs are non-fungible tokens. 

What is a Token?

Token refers to a digital certificate stored on a secure distributed database called a blockchain. So NFTs are digital assets.

Publicly verifiable intellectual property authenticated on a blockchain.

If You want to know about What is Blockchain... then make sure to check our post

You can buy or sell it from a popular place to currently browse a variety of NFTs is on openc.io.

Future of NFT

It's an exciting space I believe the NFT space will continue to grow in the coming years with some popular use cases being digital art, virtual land, gaming, collectibles, finance, and much more...

I thought this was worth explaining because I think we'll be talking a lot more about this in the coming years.

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