NFTs stand for non-fungible tokens and they are one of the types of cryptographic tokens that can represent ownership of digitally scarce goods such as pieces of art or collectibles. “Non-fungible” is not a very popular word so let’s see what it really means...NFT stands for Non-Fungible Token. Something that is "fungible" can be exchanged with an equivalent item -- for example, a $5 bill with another $5 bill. Cryptocurrencies, which use a digital public record of transactions called a blockchain, are fungible. NFTs are digital items that can be bought and sold using this blockchain technology.
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NFTs stand for non-fungible tokens and they are one of the types of cryptographic tokens that can represent ownership of digitally scarce goods such as pieces of art or collectibles. “Non-fungible” is not a very popular word so let’s see what it really means...NFT stands for Non-Fungible Token. Something that is "fungible" can be exchanged with an equivalent item -- for example, a $5 bill with another $5 bill. Cryptocurrencies, which use a digital public record of transactions called a blockchain, are fungible. NFTs are digital items that can be bought and sold using this blockchain technology.
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