Non-fungible Token (nft) Definition

NFT stands for non-fungible token a digital asset that links ownership to unique physical or digital items such as works of art real estate music or videos.

Non-fungible token (nft) definition. An example of an NFT is a one-of-a-kind trading card such as a digital artwork that you simply cannot replace with any other artwork. I believe one of the motivations. NFTs can be associated with reproducible digital files such as photos videos and audio.

One Bitcoin for example is still worth the same as another Bitcoin. Similarly one Ether is equal to another unit of Ether. Non-Fungible Token NFT Definition.

A NFT non-fungible token is a special cryptographically-generated token that uses blockchain technology to link with a unique digital asset that cannot be replicated. Non-fungible tokens are different from cryptocurrencies as they dont have any inherent value. Fungible items on the other hand can be exchanged because their value defines them rather than their unique properties.

NFTs can be used to represent unique digital assets such as CryptoKitties and virtual buildings. An NFT is a non-fungible token. Fungibility refers to the interchangeability of an asset.

For example you can exchange one Bitcoin for any other Bitcoin. The meaning of NON-FUNGIBLE TOKEN is a unique digital identifier that cannot be copied substituted or subdivided that is recorded in a blockchain and that is used to certify authenticity and ownership as of a specific digital asset and specific rights relating to it. Fungible tokens standard interface is done on ERC-20 and for a non-fungible token NFT ERC-721 is used.

The meaning of NFT is non-fungible token. Non-fungible more or less means that its unique and cant be replaced with something else. Now it might be time to reconsider the definition of fine art and explore the world of Non Fungible Tokens NFTs.