What does NFT stand for? What is the meaning of NFT? What is NFT?
NFT stands for Non-Fungible Token. This token is on the blockchain and it is considered unique and identifiable. NFTs are Digital Assets. Just like an in game asset that you would accumulate in Pokemon Go, Candy Crush, or Final Fantasy.
NFTs allow the user to own these digital assets.
Non Fungible Tokens (NFTs)
Fungible means something can be used to replace it. Cash is considered fungible because any one dollar bill can be exchanged with another one dollar bill and there would be no real difference to the user.
Non fungible means that it cannot be substituted for another item. The two items are not exactly alike. They each have their own properties and/or characteristics. For example, I cannot exchange my dog for a fish. Both are animals, but each one is unique.
Tokens means that each NFT is represented by a digital asset. If Ethereum is the underlying currency being used to buy and sell, then the token in Non Fungible Token is the asset being traded. NFTs are a unique digital asset. Each NFT has a unique string of numbers and letters to identify each item. Not only can the NFT be identified visually, but the NFT can be identified by the identifying number. No other NFT can be created to be exactly under the same identifying number. Therefore an image can now have ownership. Before NFTs were created, a digital image could be very difficult to prove it's history and ownership. Now a public ledger can identify the image, it can also show the transaction history (prior sales or owners) and also the current owner.