Fascinating NFT Series #1 Introduction
Yep, you read it right, NFT is fascinating and by the end of the article series you will believe in me why I’m saying that.
Let’s try to understand more about this post and here we will find out the basics.
Imagine you borrow $10 from Alice. She does not mind how you pay her back, as long as it is in US currency. You can pay her back with two five’s or $10 bill. One more example : Imagine a 100 foot ditch needs to be dug, and a worker can dig a 10 foot ditch in one shift.Either that worker is given 10 days to complete the whole task, or nine extra workers can be hired to complete the whole project in one shift.
The word ‘fungible’ is an adjective. The noun is ‘fungibility’.
Fungible: replaceable by another identical item; mutually interchangeable.
Now let’s get a better sense of NFT (non-fungible token ) just think about most of the stuff you own. The phone which you use as your daily driver , your watch , the laptop or a perfume which is available on the amazon and any e-marketplace for buying and selling . All those articles falls under the category of NFT.
What are NFT ?
Non-fungible tokens are blockchain assets that are designed to not be equal.
“In November 2017, a DApp game named CryptoKitties born and opened many opportunities in crypto world. It’s a collectible game in which people can collect digital kitties and exchange them with others.”
CryptoKitties are not a currency. Instead, they’re blockchain assets. They’re structured similarly to most other tokens. However, they have one major difference. Each CryptoKitty is unique, and they’re not meant to be fungible
NFT are non-fungible tokens and here token refers to a digital certificate stored on a secure distributed database called blockchain. So NFTs are digital assets publicly verifiable intellectual property authenticated on a blockchain.
Some popular places to browse the NFTS are listed below :
Even there are nfts for virtual land , game and digital art , Gaming collectibles , rare items and much more . I thought this was worth explaining because , we will be talking more and more about this in future as we all are moving to the digitalised world. It’s important to note that the NFT space is still un-tapped and moving away from Gaming and CryptoKitties to the painting, DeFi, Digital-Identity, Copyright and much more. Everything will soon be on the blockchain…..
