The buzzword of the contemporary art market right now is NFTIf you dont know what all the fuss is about you arent alone.

What does nft means in crypto. This means that digital media is reborn and begins its journey on a blockchain a decentralized digital ledger that is incorruptible unfalsifiable and indestructible. On the other hand Non-Fungible Tokens can not be exchangeable with the same type of tokens. An NFT is a digital asset that represents real-world objectives like art music in-game pieces and videos.

NFT stands for non-fungible token. But with NFT art selling for prices. This means that if you were to lend 1 BTC to a friend they dont need to give you that exact one Bitcoin back.

NFT FAQs 1. Bitcoin and Ether are fungible. This means that unlike cryptocurrency where one bitcoin is equal to another bitcoin NFT values vary.

NFTs derive their name from the fact that they are nonfungible. NFT can be an artifact any digitally created art etc. Cryptocurrency is fungible meaning that each coin is identical in value and features.

So what does NFT actually mean. An NFT is a non-fungible token meaning that it is unique and scarce in its digital form. How Is an NFT Different from Cryptocurrency.

Unique - It cannot be forged or otherwise manipulated. In order to break down what defines an NFT and how they compare to other tokens on the blockchain well begin by reviewing some key blockchain terminology. Fungible tokens are divisible which means they are available in small units.