NFTs have been around for a good long while but are now getting WAY more press than ever. But what is an NFT? Let’s find out…
NFC = Non-Fungible Token
NFT stands for non-fungible token. I know, I know – that doesn’t really make things any clearer. A better question would be: what in the hell does non-fungible mean? In its simplest terms non-fungible means that something – an item, say a gif or a piece of digital art – is unique and cannot be replaced by something else – this is where it derives its value from.
The Mona Lisa is non-fungible. You are non-fungible. But things like Bitcoin ARE fungible because you can trade them and get more of the same thing. For instance, say you have $200 of BTC. If you sell $100 of your BTC, you still have $100 BTC – the value has changed but not the thing itself. Bitcoin is Bitcoin, regardless of how many or few you have at any, one time.
But an NFT is different. And this is why people get excited about them. Having something that is completely unique, meaning there is literally only one of them, theoretically, makes it…
