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What Is an NFT (Non-Fungible Token)?
Non-fungible tokens (NFTs) are blockchain-based cryptographic assets having unique identifying codes and metadata that separate them from one another. They cannot be traded or exchanged for equivalency, unlike cryptocurrencies. This is in contrast to fungible tokens, such as cryptocurrencies, which are identical to one another and hence can be used as a means of exchange.
Things to know
NFTs are one-of-a-kind cryptographic tokens that can’t be duplicated on a blockchain.
NFTs can be used to represent real-world objects such as art and real estate. These real-world tangible goods can be “tokenised” to make purchasing, selling, and trading them more efficient while also lowering the risk of fraud. NFTs can also be used to represent people’s identities, property rights, and other things.
Each NFT’s unique construction allows for a variety of applications. They’re a great way to digitally represent physical assets like real estate and artwork, for example. NFTs can also be used to avoid intermediaries and connect artists with audiences or for identity management because they are based on blockchains. NFTs can eliminate middlemen, streamline transactions, and open up new markets.
Really Understanding NFTs
Cryptocurrencies, like actual money, are fungible, which means they may be sold or exchanged for one another. One bitcoin, for example, is always worth the same as another bitcoin. A single unit of ether is always equivalent to another unit of ether. Cryptocurrencies are suited as a safe means of transaction in the digital economy because of their fungibility.
NFTs change the crypto paradigm by making every token one-of-a-kind and irreplaceable, making it impossible to compare two non-fungible tokens. They are digital representations of assets that have been compared to digital passports since each token has its own unique, non-transferable identity that allows it to be distinguished from others. They’re also extendable, which means you can “breed” a third, unique NFT by combining two NFTs.
NFTs, like Bitcoin, provide ownership data that makes it straightforward to identify and transfer tokens between holders. In NFTs, owners can additionally add metadata or attributes related to the asset. Tokens will be classed as fair trade when being used to represent something like coffee beans, for example. Artists can also sign their digital artwork in the metadata with their own signature.
In recent history, the world has been taken by storm by NFTs, with loads of celebrities and powerful people jumping on the NFT train.
Did you know that Eminem recently purchased one of the world’s most famous NFTs, a Bored Ape NFT for the equivalent of over half a million Australian dollars!