What is NFT? #shorts

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What is an NFT?

NFT is a non-fungible token.

Now, if you are just a beginner and have heard the NFT term for the first time, let me break it down.

First, let's understand what the difference between fungible and non-fungible is.

Fungible is replaceable, which can be duplicated, which can be edited—something like money.

Say you needed 100 Rs and I give you 100 rupees (note). Now when you want to return that 100 RS, you don't have the 100 rupees note, but instead, you have 10 of 10 rupees notes, and I am perfectly alright. I don't want the same note I had given to you, and I want 100 rupees, so, you give me 100 rupees in the form of what 10 of 10 rupees note. And this process of you not giving me 1 of 100 rs NOTE but 10 of 10 Rs NOTE is called fungibility/fungible form.

In cryptocurrencies, we have different currencies like Bitcoin Ethereum, Matic, Ripple, etc.; all these are fungible items, i.e., replaceable.

And the exact opposite of replaceable is something that cannot be replaced or edited, and it is original, and that's called Non-Fungibility.

Let's say you get an artistic, unique, and very rare painting from a well-known artist. Obviously, since it is the only painting and no other as such was made, it can be defined as original and irreplaceable. Unfortunately, if your kid, friend, or anyone spills watercolours on it, it can't be replaced.

That's NFT!

I hope that you must have got some basic idea about what NFT is

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Digital Pratik is 3 times final year dropout from engineer college back in 2009 & now the most valuable & consistent storyteller who talks about practical branding & marketing which works in the now. He is a growth hacker, Growth Hacker, Podcaster, Speaker, Digital Branding Strategist & Personal Branding Practitioner who is helping brands stand out & connect with audience via emotions using Contextual Content Marketing & Paid Ads.

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What is an NFT in Crypto world? #shorts