What is an NFT?
Super short guide to NFTs for anyone!
One line knowledge:
NFT = a certificate of authenticity
That’s it.
Now, having that behind us, let’s go a bit deeper.
What is an NFT or Non-Fungible Token?
NFT stands for Non-Fungible Token, and these are tokens that are non-interchangeable easily as their different.
An example of a fungible token would be a dollar or a bitcoin. Each dollar is the same as every other dollar and carries the same value. We could exchange our dollars without anyone loss. Same for bitcoin, the most popular cryptocurrency.
However think about art, for example let’s take two Picasso paintings. Not only each Picasso artwork is different, they are also valued differently. You can get the cheapest paintings of Picasso for around $100,000.
That’s a lot, but it’s small in comparison to his most expensive painting sold to date: Women of Algers were sold for $179 millions of dollars in 2015.
So you see that you can’t really exchange two different Picasso paintings without loss for one of the sides.
Not an NFT is similar to art, and often seen as ‘these cartoon images of animals’. That’s because each…
