You’ve probably heard about this thing called an “NFT” but what is it, and why do you need to know about it?
In short, NFT stands for non-fungible token.
If an asset is fungible it means it can be replaced or exchanged and its value will stay the same. For example, 5 $20 bills have the same value as 1 $100 bill.
Therefore, non-fungible assets cannot be substituted. These are assets like land, homes, or even baseball cards. Their value is defined by their own unique qualities which can take away, or add value.
Now those examples are physical. NFTs are digital assets, or, tokens.
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