What is NFT? Explained!


WHAT IS NFT?

NFT means non-fungible token, and non-fungible means that this token is unique and can’t be replaced. Let’s take Bitcoin, for example. Bitcoin is fungible since you can trade your Bitcoin for another Bitcoin. You will end up with Bitcoin in both cases.

However, NFTs are more like Yu Gi Oh cards- one-of-a-kind trading tokens that if you trade one for another, you will receive a token different from the one you gave away.

NFTs can be everything. They can be a jpg image, music, or digital art. You can be an artist, create a 3 minute short YouTube video by adding your images and music. BOOM. You can now sell this video as an NFT at an excellent price if it brings value to the rest of the community. It’s just like getting paintings at an art gallery but cooler.

More technically speaking, most NFTs are part of the Ethereum Blockchain. Even though Ethereum is a cryptocurrency, its Blockchain supports NFTs. Other Blockchains can also implement their own NFT versions, so Ethereum is not the only one.

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