The key term you need to remember when dealing with NFT crypto and other forms of cryptocurrencies is their fungibility.

What does nft means in crypto. NFT basically stands for non-fungible token. The world of blockchains cryptocurrencies and crypto art isnt easy to unravel for newcomers. Digital Asset - NFT is a digital asset that represents internet collectibles like art music and games with an authentic certificate created by blockchain technology that underlies Cryptocurrency.

So what does NFT actually mean. First What Does Non-Fungible Mean. A non-fungible asset has unique attributes that make them distinctive.

If youre like most people who are not crypto-enthusiasts then that probably sounded like gibberish to you. Cryptocurrency and fiat currency are examples of fungible tokens. NFT stands for non-fungible token a special type of digital asset.

Did that make sense to you. Exchange - NFT exchanges take place in cryptocurrencies such as Bitcoin on specialist sites. Smart contracts mint a piece of media known as Non-Fungible Token NFT.

Unique - It cannot be forged or otherwise manipulated. This means that unlike cryptocurrency where one bitcoin is equal to another bitcoin NFT values vary. This means that digital media is reborn and begins its journey on a blockchain a decentralized digital ledger that is incorruptible unfalsifiable and indestructible.

Cryptocurrency is fungible meaning that each coin is identical in value and features. Meaning one NFT does not equal another NFT because each has their own unique digital signature. For creatives looking to engage with non-fungible tokens NFTs the first step is to understand what an NFT actually is from a functional perspective.