⁉ What does NFT even mean?
Before jumping into NFTs or Non-Fungible tokens, let us understand what fungibility is.
"Fungible" means interchangeable.
Suppose you have 1 Bitcoin. You exchange it for another Bitcoin and you'll still hold the same value. This is because 1 Bitcoin is the same as the other. It is fungible
But the same is not true with NFTs.
You may have come across the popular NFT CryptoPunk. One CryptoPunk is not equal to the other. Each of them is unique with different attributes. This is what makes them non-fungible
So what do NFTs represent?
NFTs are not the digital items themselves. Think of it as a digital certificate. Unlike physical items, digital items can be copied easily. These copies are indistinguishable from each other.
NFTs solve this.
It has the information to identify the authenticity of the digital items and their ownership history as well. This information is stored on the blockchain which makes NFTs immutable. The current use of NFTs which is getting the hype is digital art and the communities around it. Digital art being sold for millions is slowly becoming common.
But NFTs can represent other digital items like in-game items, songs, videos, collectibles, domain names, tickets etc. You name it. The possibility is endless.
Here's a video to get you going
Here's an article for a complete deep dive
You can't go long without Crypto Twitter
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