What is Non-Fungible Token?

 What is Non-Fungible Token? In the world of digital assets In addition to Cryptocurrency. Or digital coins such as Bitcoin , Ethereum , Dogecoin, etc. Will be at its peak. Another trending asset. NFT is gaining a lot of attention among artists and collectors. Whether it’s art, games, fashion, etc.. They all jumped into the NFT band until they had a huge amount of money circulating. So if anyone doesn’t want to fall in the trend. They need to get to know NFT a bit.What is NFT?

          NFT stands for Non-Fungible Token . A type of Cryptocurrency is the only digital asset in the world. cannot be duplicated or copied. Even if there is a copy But there is only one real manuscript, and NFT tokens are like deeds. to show ownership of this asset

          With such a feature.

NFT is in the form of highly personalized assets such as artwork, also known as Crypto Art, photos, memes, music, videos, collectibles, card games, sports, comics, and even fashion . It is the only unique piece in the world that can be converted to NFT format at all.What is the difference between NFT and Cryptocurrency in general?   Both NFT and Cryptocurrency Both are digital assets that operate on the Blockchain, but they have different points:

1. Each NFT coin is unique. not interchangeable

          NFT is a unique asset and cannot be substituted for another NFT or token. Unlike real money or Cryptocurrency that is a Fungible Token. Every coin in the currency is not different. Can be used to buy-sell all interchangeable.

          For example A friend borrowed 100 baht. We gave the bank a hundred. When friends bring money back There is no need to return the same hundred banknotes. will bring back five coins, ten coins, twenty banks, fifty banks or another hundred banknotes, no one will say because they are of equal value can be substituted 

          NFT is like art. If we intend to buy this picture You only need to get the token of this image. Can’t get other tokens instead. because they are different images  

2. NFT cannot be used to exchange, buy and sell products.

          We can bring Cryptocurrency to be used as an intermediary in transactions or used to buy-sell exchange goods Can be used instead of cash in stores or services that accept digital coins, such as using Ethereum to pay for food, using bitcoin to buy cars, etc.

         But for NFT, it can’t be used to buy – sell other products at all. In addition to bringing the NFT out to sell itself.

3. Must buy-sell NFT in full only.

          Usually when buying digital coins that are cryptocurrencies Can only be bought in small units of 0.000001 units according to the investment we have, while NFT has to buy 1 unit in full value only. cannot be purchased as sub-unit The seller must sell the whole picture. Buyers have to buy the whole picture. because the holder must be the sole owner

You may also like...