What Does NFT Mean?

f something is fungible, it is easily replaceable. Oil is fungible because any 1 barrel is just as good as the next, but a 1 of 1 Mickey Mantle rookie card is not just any baseball card — it’s irreplaceable or non-fungible. 

By tokenizing non-fungible assets, important details about the asset are digitized with the token. 

Tokens are held in wallets, which also have their own unique addresses. Token IDs point to wallet addresses on the blockchain, which is a large, publicly accessible database, so anyone can verify digital ownership. 

This also means that fake versions of NFTs could never pass as the real deal.

Leave a Reply

Your email address will not be published. Required fields are marked *