NFT stands for Non-Fungible Token
Well what the heck does that mean?
Fungible means that something can be exchanged or substituted and it will hold the same value. Its interchangeable.
So for example, Physical items such as The Dollar, Gold or Casino chips are all fungible items.
As are Digital items, such as Bitcoin and Ethereum.
What about Non-Fungible items?
Non-fungible items are assets that can’t be substituted. It has unique attributes that make it different from something else in the same asset class.
For example, Physical items such as, a Painting, Movie Ticket or A House are all Non-Fungible items.
And you also have Digital items such as, a video game skin, a collectible digital card or a song.
So what does Token stand for?
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.
In Summary, NFTs are an exciting new way to invest, collect and join new communities, so don’t be afraid to dive in!
Hopefully you’ve learned something and make sure to keep up with us on Twitter!