18.9 C
New York
Saturday, September 24, 2022
Home PC/ Laptops What is an NFT? The meaning of non-fungible tokens explained like you’re...

What is an NFT? The meaning of non-fungible tokens explained like you’re 5


“What’s an NFT?” It’s a query that’s been flooding Google’s search engine as folks attempt to uncover the which means of the buzzword. NFT stands for non-fungible token, however what does that even imply? Properly, earlier than I can clarify what “non-fungible” means, let’s dive into the definition of fungible.

“Fungible” describes a very good that may be simply swapped for one more good inside the identical asset class. For instance, if I swap your $100 for my 5 $20 payments, you possible received’t say, “Hey, that’s not honest!” as a result of they’ve the identical worth. As such, the US greenback is fungible. Cryptocurrencies like Dogecoin and Ethereum are fungible as nicely — you possibly can simply change one Bitcoin for one more with out stepping on any toes.

What are NFTs? (Picture credit score: Snappa)

Non-fungible, then again, describes a one-of-kind, distinctive good that may’t be readily exchanged for one more good inside the identical asset class. Non-fungible tokens are additionally indivisible (i.e. they will’t be divided into smaller denominations in the identical manner {that a} greenback may be cut up up into 4 quarters). 



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Apple iOS 16.0.2 Update Fixes iPhone 14 Pro Max Camera Ratting Issue, Clipboard Paste Permission Bug

iPhone 14 Professional and iPhone 14 Professional Max are getting an replace that fixes the bugs that made headlines earlier this week. Apple...

Here’s what SBI chairman has to say on growing cybercrime cases and how we can stop them

Warning in opposition to mounting cyber crime circumstances throughout the nation, State Bank of India (SBI) Chairman Dinesh Kumar Khara stated clients ought...

Vi (Vodafone Idea) Set to Shut Down 3G Services in Delhi From January 15, Asks Users to Switch to 4G

Vi (Vodafone Thought) is shutting down its 3G companies in Delhi from January 15. On account of the brand new change, the operator...

Recent Comments

istanbul eskort - izmir eskort - mersin eskort - adana eskort - antalya eskort - eskort mersin - mersin eskort bayan - eskort adana