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What is an NFT? – Explained in 1 Minute

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What is an NFT? Explained in one minute. NFT stands for non-fungible token.But what exactly is fungible? Fungible assets are non-unique. A$ 1 that Ihave is not any different from one “youve had”. Cryptocurrencies are also fungible. They can be mutually exchanged, divisibleand are typically used as a supermarket of value. On the flip side, a non-fungibleasset is unique, and one-of-a-kind. A physical example would be ahouse with specific properties. Same can be said with the monalisa or unique trading placards. To summarize, a non-fungible token representsand records owned of a unique resource, which is recorded on a decentralizedand secure database called a blockchain. In the digital nature, NFTs can bemade to record ownership of music, property, games, artwork, and many other things. The value of an NFT can be entirely subjective.Its value can be solely on its rarity. Or it can give you various perkslike access to private parishes, membership deductions, exclusive contests, along with innumerable other things ..

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