Fungibility is the degree of similarity between two items. Watch the video: What’s an NFT? Explained by Layah HeilpernĪ look at the emerging asset class of NFT crypto tokens.Īn essential aspect of NFTs is the property of fungibility. This means that NFTs can represent digital and physical assets, from concert tickets and baseball cards to online in-game virtual assets. NFTs exist on a blockchain, but the assets they represent may or may not exist on the blockchain. ![]() This could be the asset’s ownership properties, description, and provenance – the asset’s history. Similarly, an NFT token holds the metadata about an asset. A title shows ownership of the vehicle, but it isn’t the car itself. Think of them as title deeds to a car or a piece of property. ![]() Non-fungible tokens are unique digital assets that prove the ownership and provenance of an item. They are revolutionizing ownership in an increasingly digital world. In this detailed manual, you will learn what NFTs are, how they work, how to mint and even sell them. The sale of Everydays: The First 5000 Days helped introduce a new kind of digital asset to the world – the non-fungible tokens (NFTs). In March 2021, the digital artist Beeple sold a collection of his work for a record $69 million through an auction.
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