NFT stands for Non-Fungible token and is a digital asset that represents ownership of real-world items including art, music, video clips and real estate, etc.
Technically, NFT follows blockchain technology and it empowers cryptocurrency but keep in mind that it is not a currency. Moreover, the asset is speculative enough and not all investors can handle it appropriately.
Furthermore, NFT comes under collectibles of modern time and all their selling & buying processes are online. It represents digital proof of the physical items.
If you are looking to become friendly with NFT, you must have command of the economic concept of fungibility. Moreover, if you think NFT is founded recently, you are wrong.
The concept was available since 2014 but it has gained attention in recent times while buying and selling digital artwork. Also, no two NFTs can be the same as each of them has a unique identifying code.
You must be wondering why people are spending millions to get mere images that are easy to download from the internet. It is so because NFT enables them to procure the item and get known as the real owner.
Further, it also contains built-in authentication that proves the ownership of an individual. Developers searching for what is non fungible token, are now able to get their answers.