Before we discuss the NFT-based items and why they are useful to own, I believe it is critical that we first grasp what NFT is and what it is used for. But, before I get started with my piece, be sure to visit AIO Metaverse, a Malaysian NFT developer, for additional details.
What does it mean to be ‘fungible’?
To begin, you must first comprehend what NFT is. Non-fungible tokens are referred to as NFTs. Before you begin, you must first comprehend the meaning of the phrase ‘fungible.’ The phrase fungible refers to something that can be traded. As a result, when anything is described as fungible, it signifies that it can be traded for another item of the same value in the same category.
In terms of money, for example. The worth of my RM10 is the same when I swap it with someone who gives me two RM5. It can be called fungible because the base value remains the same and you still get RM10.
What does it mean to be “non-fungible”?
Non-fungible is the polar opposite of fungible. This indicates that the item cannot be exchanged for another item from the same category. Take, for example, Leonardo da Vinci’s “Mona Lisa,” a well-known work of art. Despite the fact that it has been attempted to be recreated and that many copies exist, there is only one original piece.
NFT stands for “non-fungible tokens.”
Non-fungible tokens are digital assets that can also be used to represent physical goods like art and real estate. To make acquiring, selling, and trading more efficient, these real-world tangible things can be “tokenized.” Non-fungible tokens are also recognised for being original, unique, and one-of-a-kind, which helps to reduce the chance of fraud. People’s identities, property rights, and other things can all be represented using NFTs.
NFTs are essentially digital replicas of real-world collectibles. NFTs are most typically seen in the form of artwork, music, GIFs, photos, and other similar media. As a result, the purchaser receives a digital file rather than a real oil painting to hang on the wall.
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