What are NFTs?

What does NFT mean? non-fungible token According to forbes.com, NFT stands for non-fungible token. "It's generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that's where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another". NFTs are a type of digital asset that can't be exchanged, altered or split into smaller parts. They are often utilized as collectibles because they cannot be duplicated.

unlike currency, where the value is always known and fixed, non-fungible assets have values arbitrarily assigned to them. A $1 painting today might be worth $1 million tomorrow. And a $10 million mansion might become worthless tomorrow. And it's this non-fungibility that makes NFTs so attractive to buyers.

Examples of NFT:
Each NFT represents a real-world object like music, a video, an in-game item, or a virtual baseball trading card. These digital assets are bought and sold online, typically with cryptocurrency. Things like physical money or bitcoin are “fungible,” meaning they can be exchanged for one another.