What is NFT?

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Would you believe if I said ,This jpeg was sold for $7.56 Million

That is how crazy NFT’s are going.

NFT stands for Non Fungible Tokens

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‍What is Fungible?

Fungibility refers to something replacable or exchangeable

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What is Non –Fungible?

But not fungible are something unique and irreplaceable

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Where this two pictures are not equal.

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Why NFT?

Let’s say you made a wonderful piece of digital art .

But people can easily say that its someone’s else and u have just downloaded it from somewhere.

But its your’s  So how would you prove your ownership as digital files can be easily copied and distributed.

Here’s where NFT’s come into picture they can solve this problem.

You can create an NFT out of your art

The NFT contains unique information about the owner and the transactions in the blockchain.

People buy NFT’s for investments and as collectables.

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Written by P. Grace Sumanjali, a Siliconvalley4u's student