NFTs are the new trending topic in the crypto market which has started to attract a wide range of audience in no time. NFT is not a new idea in the crypto world. The token has been in practice since crypto games like crypto kitties began.
WHAT IS NFT?
Non-Fungible token can be abbreviated as NFT. Non-fungible tokens hold a unique value that cannot be duplicated. Each of it has a separate and unique value in which you cannot assign the same or an equivalent value of one token to another token. It is contrast to that of fungible tokens like cryptocurrencies, ICO tokens used for crowdfunding, etc.
NFT can be anything of digital significance – be it real world assets like art, rare collectible like video, sports highlights, a podcast of a famous artist, songs, video games and their accessories, etc. They are blockchain-based tokenization. That means, the Non-Fungible token is secured by blockchain technology and it is the one that validates the ownership of that particular digital piece. In most of the cases, it would be followed by an Ethereum blockchain with ERC721 token standard.
IS IT WORTH IT TO CREATE NON-FUNGIBLE TOKENS?
It provides the ownership of rare pieces of art. NFT collectible is nothing but a collection of rare artistic work or masterpiece that is available in a digital museum – NFT marketplace. Where you cannot buy things from exhibitions and museums, but in an NFT marketplace, you can buy the rarest digital collectibles for cryptocurrencies.