NFT (Non-Fungible Token)
Fungible assets or fungibility denotes an item or an asset that has the ability to trade or get exchanged with a similar type of asset or good, whereas non-fungible assets tokens are unique digital assets whose ownership can be tracked on on NFT blockchain Development like Ethereum.
Non-Fungible Tokens aka the NFTs are digital assets or a type of digital certificate for owning goods or an asset that represents a great variety of intangible and tangible items such as paintings, virtual real estate, postcards, videos, and so on. NFTs cannot be replicated or equated with an asset that is similar, because every non fungible tokens asset is unique on its own.
How does NFT Work ?
NFTs work on blockchain technology. Each NFT has the potential of several different applications due to its distinctive construction. A digital asset management platform is an ideal vehicle for digitally representing physical assets, such as real estate and artwork. In addition to removing intermediaries and connecting artists to audiences, NFTs can also serve as identity management platforms because they are built on blockchains. NFTs can remove intermediaries, make transactions more efficient ,and create new markets. Many crypto-trading enthusiasts and art collectors use NFTs. Additionally, it can be used for digital content, gaming items, investment collateral, and domain names.