Oxford Dictionary defines it as: (of goods contracted for without an individual specimen being specified) able to replace or be replaced by another identical item; mutually interchangeable.
Let's say for example, I have $50 bill and from it I can change into 5 pieces of $10 bill and the value of my fifty dollar bill just stays the same.
On the flip side, a non-fungible object means it has one-of-a-kind properties or simply cannot be replaced with something. The best example is Yourself, or your fingerprint, or your DNA.
NFT or Non-Fungible Token exist in digital world. It is similar to a car that can be bought or sold. But of course there is no physical form, hence digital think of it as a certificate of ownership.
Twitter's founder Jack Dorsey had his historic first-ever tweet auctioned in NFT with bids hitting $2.5m. Well, as you can see NFTs are just the digital versions of traditional Collectibles. In the physical world we collect, buy or sell paintings, memorabilia, sports cards, autographs, antiques, and so on. Another example is the Dragon the CryptoKitty which amounted to 600 Ethereum.
How to get started with NFT?
Thanks to the evolution of blockchain technology NFT is now a reality. As we all know, digital files can be reproduced more than a billion times BUT not for NFTs.
An NFT collectible is 'tokenized', just like any cryptocurrency where it maintains its credibility or uniqueness in the blockchain, in a ledger, and in every computer on earth. That's why NFT collectibles maintain its Value, and of course through time theor value appreciates. Moreover, NFT can 'embed' royalty pay feature for the creator of that digital object.
NFT market is currently on the rise. An estimated $1.5 billion market value is predicted at the end of the year. If you ask me, today is the best time to buy NFT or if you are considering to sell, or even create your own digital collectible such as your arts, avatars, music, games, etc. Then, please visit these sites (it will cost less than $100 including the Ethereum gas fees).
Some of the most popular sites to transact NFTs are:
- Nifty Gateway
- Open Sea
- Rarible
- Super Rare
Cheers!
