NFT's have survived another week of chatter on the internet and they continue to show even more signs of sticking around longer than a than the latest celebrity's relationship.
"The first step to receiving an answer is being brave enough to ask the question"
Like most of us, you have probably thought to yourself, well what the hell is an NFT but didn’t want to sound stupid asking.
NFT is an abbreviation for Non-Fungible Token.
A fungible can be exchanged or replaced because each one has the same value and likeness. Whereas a non-fungible item is the opposite, it something that can't be exchanged due to unique characteristics making them different from one another.
Well, money, gold or bitcoin are things that can be exchanged like for like.
Real-life examples of non-fungibles would be a house, a painting or diamonds which are all physical objects. A digital non-fungible example is a trademark, crypto key or a ticket to a concert on a specific date and time.
Non-fungible are these things that can't be replaced and are unique.
Now, what does the token part represent?
The token is the digital certificate created for this item. Tokens are stored in a secured databank called the blockchain. While on the blockchain the tokens allow for the asset to be verified and trackable.
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