An NFT is a Non-fungible token. Non-fungible tokens can digitally represent any asset, including online-only assets like digital artwork and real assets such as real estate. Other examples of the assets that NFTs can represent include digital and non-digital collectibles, domain names, and event tickets.
‘Fungible’ is an economics term meaning interchangeable. For example; a plain dollar bill is like any other plain dollar bill, BUT when that dollar bill is signed by Taylor Swift or Snoop Dogg, it becomes its own unique asset, and is no longer interchangeable. It is worth more, it is unique, it is now non-fungible. Assets are minted on the blockchain and are locked and unique. Make sense? Yes? Great.
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