What is an NFT Token: Everything you need to know

Almost every modern person has heard about cryptocurrency. And if we consider it technically, then it's a token. Note that not every token is a cryptocurrency. A lot depends on what functionality the coin performs. And also all tokens are subdivided into:

  • interchangeable;
  • not interchangeable.

In fact, a bitcoin does not differ at all from its “brother”. And if any amount of funds makes it to your virtual wallet, then it will absolutely make no difference to you who has mined that coin. This is called the interchangeability property. But the world seeks exclusivity. And then comes the NFT.

NFT non-fungible token

Non-fungible token: a unique digital asset

But let's explain clearly what NFT is.

One of the first projects with a non-fungible token is a 2017 game called CryptoKitties. At the same time, by the way, this cryptocurrency format was created. But back to the game. The purpose of this virtual site is to collect virtual cats and trade them. And each animal here is special: it has its age, race, coat color, etc.

The game blew up the world and became very popular. And we can say with certainty, these virtual cats moved millions of dollars in the virtual wallets of citizens. Rare copies of CryptoKitties have sold for hundreds of thousands of US dollars.

Any currency or cryptocurrency (e.g. bitcoin or dollar) can easily be replaced with another bitcoin or dollar. And a non-fungible token cannot be replaced with another one, because it is unique, like the in-game CryptoKitties. This is the main difference between NFT and other tokens or cryptocurrencies.

You need to understand that this is a unique product (not a coin or coin) whose information is stored on the blockchain. And everyone can produce NFTs on their own.

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Where else are unique tokens used and what can they be?

  • Images;
  • music;
  • text;
  • video;
  • 3D models, etc.

The demand for a unique digital product is growing every day! Collectors, gamers, artists (in absolutely all of its forms) know that exclusivity has a great future in the world of replaceable goods, things, etc.

The revolution is near: the non-fungible token is here

Many people believe that the NFT will revolutionize the concept of copyright. And all operations can become much more profitable and cheaper in areas where it is necessary to obtain permission to use a certain product, for example, to show movies or play music on the air.

See also: What's New in Cryptocurrency Last Year?

Anyone on the Internet can sell and buy something in the form of a non-fungible token!

You can work with a unique post on the web, a virtual slice of extraordinary pizza, a photo displayed on the portal and even a house on Mars! Architect Christa Kim was interested in this idea. It was she who created the virtual “Martian House” and managed to redeem more than $515,000 from it at auction. The buyer received not only a unique house, but also digital furniture in it. In fact, everyone can admire the house. The architect immediately advises the purchase of virtual reality glasses, so the effect is sure to be incredible.

Create NFT batches yourself

We think that much has now become clear about the world of blockchain, cryptocurrency and non-fungible tokens. Yes, this is a relatively new phenomenon, but tokens of this type were born in 2010. But officially projects with them were made available in the year 2017 announced above.

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Design, create, write on the Internet and sell your unique and unrepeatable works on sites like OpenSea, Rarible, Niftygateway and SuperRare and get cryptocurrency! If you want to make your mark in history, then doing so using such a symbol is not an issue!

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