The complex and often confusing world of blockchain is fast expanding and getting even more complicated. The latest item to know about is called Non Fungible Tokens (NFTs). I'll dive into what they are and how you can begin to learn and get involved with this evolving market.
Non-Fungible Tokens, abbreviated NFTs, are cryptographic assets on the blockchain characterized by unique IDs distinguishing them from other tokens. Remember that a ‘token’ in the blockchain is any valuable asset that’s digitally transferrable between two people.
However, NFTs differ from other blockchain tokens, such as cryptocurrencies, in one primary way – they cannot be exchanged or traded at equivalency. In other words, they are non-fungible.
Fungibility in economics refers to the property of a good or commodity to be replaceable by an identical item. NFTs cannot be replaced by identical items.
An excellent example of a non-fungible item is artwork. Every piece of artwork is unique and cannot be replicated. Therefore, a digital piece of artwork would make a valuable non-fungible token if it finds its way into the blockchain world.
It’s simple – no one can own the asset but you! Whether it’s a piece of art or a huge moment in a game, such as the clips the NBA is selling, once you purchase the asset, it’s yours and yours alone.
Full post: https://www.mikegingerich.com/blog/non-fungible-tokens-for-entrepreneurs-guide-to-growth/