NFT also known as non fungible token's are relatively new types of digital assets that are designed to represent ownership of something that is unique and scarce, whether that be tokenized physical assets, rare digital resources, shares, or practically anything else.
Fungibility is an asset's ability to be exchanged with a similar asset without sacrificing its value. Fungibility also defines an asset's characteristics, such as divisibility and value.
Advantages of NFTs are: They're transferable – Unlike exchange-traded fungible tokens, NFTs are bought or sold on special marketplaces.
However, their value depends on their uniqueness. They're authentic – Blockchain technology powers non-fungible tokens.
They preserve ownership rights – Again, this refers to an NFT’s use of decentralized platforms where no owner can alter the data once committed.
Although the usage of NFTs has spread in various industries, they're synonymously associated with the gaming and digital collectibles sectors and are most commonly found as a specific Ethereum token built on the ERC-721 standard.
NFTs bring a new dawn to the collectible world. Consequently, conventional collectors are now onto digital assets.
Don't miss out on the nft boom guys !!;
