Non-fungible means that it is not replaceable by another of the exact same matter.
What is the nft craze. The current craze is around NFT being the answer to selling digital art and collectibles and many artists and celebrities have joined this exploding industry by selling their own collectibles. The Craze about NFTs. NFTs or non-fungible tokens.
It is here where the decentralized finance Defi through its technology in this case the non-fungible Tokens NFT can revolutionize the art industry again claiming the rights of those who need it most. It is a certificate of digital ownership of an asset or IP intellectual property stored and encrypted using blockchain technology so that the holder of the NFT is the legal owner of the asset. Well an NFT is a digital certificate.
A brand new market for collectibles of the digital era they seem to be the art worlds answer to collecting just like Bitcoin was hailed as the answer to digital currencies. Technically speaking every NFT is a unique token on the blockchain where there is only one definitive actual version of it. The item has a value that is not associated with being unique.
The creation of the EtherRocks was inspired by the Pet Rock toy craze in 1975 and only 100 ETHRocks will ever exist. NFT currencies make it possible to create digital ownership and create a new market for intangible assets which until today could not be traded. The world is witnessing the beginning of a whole new genre of art and a new generation of art patrons.
Just another day in crypto Fundamentally the NFT craze is being driven by a misapprehension that purchasing an NFT gives you rights to anything other than the NFT which itself has a frail at best connection to the underlying asset. That is digital currency or cryptocurrency and it has been around for. March 17 2021 1030 AM EDT.
These are fungible assets and would include cash stocks cryptocurrencies commodities and numerous other items. Its like a contract that says that I sold you the original one. A non-fungible token or NFT is data stored on a blockchain ledger that represents a.