What is NFT. NFT means non-fungal token.
20 Mar 2021, 08:02
What is NFT? 🤔
NFT means non-fungal token. In economics, a camouflage asset is something that can be easily exchanged with units - like money. With money, you can exchange the 10 note for two 5 notes and the value will be the same.
However, if something is non-fungus it is impossible - it means it has unique properties so it cannot be exchanged for anything else.
It could be a house or a painting like the Mona Lisa which is one of a kind
You can take a picture of the painting or buy a print but only an original picture will be available.
NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold just like any other asset, but they have no clear form of their own.
Digital tokens are owned by virtual or physical assets
Can be thought of as a testimonial.
How does NFT work?
Traditional works of art like painting are valuable because they are one of a kind.
However, digital files can be easily and endlessly duplicated. With NFT, the artwork can be “tokenized” to create digital testimonials of ownership that can be bought and sold.