NFTs AND EVERYTHING YOU NEED TO KNOW ABOUT IT

 NFT talk has literally taken over the internet in last few months. From Instagram and Twitter to CNN News, the topic has confused a lot of people.


Thousands have begun to wonder what NFTs are and how they can create. Well, you are at the right spot. Today we’ll clear every single doubt about this popular yet so complicated term.


Let’s begin with a simple definition and meaning of NFTs.


WHAT IS A NON-FUNGIBLE TOKEN (NFT)?

To understand Non-Fungible Token well, you need to understand a Fungible Token first.


To put it in simple terms: If a 100 rupee note were swapped for five 20 rupee notes, it would still have the same value, which makes the note fungible (replaceable).


Shah Rukh Khan signing this 100 rupee note would transform it into a completely unique item, and its value would be much more difficult to evaluate since it’s no longer simply worth five 20 rupee notes and becomes non-fungible (irreplaceable).


Therefore, Non Fungible Tokens cannot be traded for anything else.


As with any investment, its value will fluctuate based on circumstances in the future.


THE DIFFERENCE BETWEEN NFTs AND CRYPTOCURRENCIES

As cryptocurrency is fungible, all Bitcoins are equal in value to one another. Tokens are not fungible, however.


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