● The term ‘non-fungible’ simply means that each token is different as opposed to a fungible currency such as money (a 100-rupee note can be exchanged for another 100-rupee and so on).
● Cryptocurrencies such as Bitcoin and Ethereum are also fungible, which means that one Bitcoin can be exchanged for another.
● NFT cannot be exchanged for another NFT because the two are different and therefore unique.
● Each token has a different value, depending on which asset it represents.
● NFT transactions are recorded on blockchains, which is a digital public ledger, with most NFTs being a part of the Ethereum blockchain.
● NFTs became popular in 2021, when they were beginning to be seen by artists as a convenient way to monetize their work.
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