What are NFTs?
In simplest term NFT or Non Fungible Token is a certificate of authenticity of a digital file. And this digital file can be anything like image, GIF, a YouTube video or anything else. There are millions of gifts on internet but a NFT allows only one person to own such a thing. NFTs are printed on blockchain which are essentially unchangeable digital ledgers that everyone one can access and verify. Suppose, if I put $ 2 million for a image that then goes on to a blockchain that everyone who wants to can check and see that indeed I own that NFT, if you are into that kind of thing. People are spending a lot of money on the collection of NFTs.
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| Monkey NFTs : Millions are NFTs are flooded on internet. |
Fungible assets are interchangeable with each other like gold, the price of gold will same irrespective of its origin. The bitcoin is also fungible, the price of bitcoin highly volatile but the value of bitcoin at a moment will be same as of any other bitcoin. And from this you might expect NFTS are not interchangeable with each other. Basically fungible assets have set price while non fungible assets do not. That’s why all collectibles are considered non-fungible and it’s why a pair of limited edition of any brand can sell for thousands of dollars.
It is important to note here that owning a NFT is not same as owning the piece of work, buying the NFT does not grant you ownership or copyright. It just grants you the NFT which is kind of bragging rights. Some of the people buying NFTs are legitimate blockchain enthusiasts who see that technology as the defining technology of the era. They see NFTs as a revolutionary technology but many of people flipping NFTS are doing it to make money.
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