NFT stands for non-fungible token.

What can non fungible tokens be used for. Non-fungible is an economic term that you could use to describe things like your furniture a song file or your computer. Current uses of Non-fungible Tokens. It may be a rare basketball card or a pokemon card or.

Today blockchain use has extended from P2P payment to supply chain IoT and now its popularly used to tokenize real-world assets. Fungible tokens standard interface is done on ERC-20 and for a non-fungible token NFT ERC-721 is used. NFT systems can be used for simpler KYC verifications where instead of using paper documents to prove an individuals identity a non-fungible token can be used to represent and verify a particular person.

Real-estate NFT tokens can be used in real-estate here the ownership of properties lands houses etc can be recorded in an NFT token. Non-fungible tokens are thus not interchangeable. A non-fungible token NFT is a unit of data stored on a digital ledger called a blockchain that certifies a digital asset to be unique and therefore not interchangeable.

A non-fungible token is one that cannot be exchanged for something else. Though certainly not the most palatable of terms non-fungibles are actually a pretty simple concept and can be used in a variety of cool and exciting ways to add and exchange value in our world. A non-fungible token NFT is a special type of cryptographic token which represents something unique.

Just like in the real world no two assets can exhibit similar characteristics or value similarly each tokenized asset on the blockchain has unique characteristics. More and more reports would indicate that they can be used to launder money just like physical coins. Fungible items on the other hand can be exchanged because their value defines them rather than their unique properties.

NFT can be used to represent a collectible of any kind. NFTs can be used to represent items such as photos videos audio and other types of digital files. Is there a dark side to the current craze for non-fungible tokens NFTs.