If you surf on the internet on a regular basis, you’ve probably heard about these NFTs in some way or another – they are the hot topic at the moment. We’ll try to give you some bullet points to explain it simply, so that you can actually understand.

• So…what is an NFT?

NFT stands for Non-Fungible Token and it is related to the art world, specifically to digital art. For this reason they are also called digital collectibles. Non-Fungible basically means that the art piece (the token in this case) is unique and it’s non-replicable.

The NFTs can be creations of any kind of digital format: paintings, motion graphics, 3D, etc. The possibilities are endless. And since this area is fairly new and unexplored, creators and artist are free to experiment with any style.

To give you an example: money is fungible because you can exchange one currency with another of the same value. On the contrary, you cannot exchange or trade an NFT with another NFT, each one of them will be different and have its own value.

• NFTs in short

What does Non-Fungible Token actually mean? It means each is one of a kind. On the contrary, not fungible is something that can be copied or replicated in some way.

For example, picture this:

In fact, an NFT it’s a digital certification of ownership of an art piece. Since it contains an encrypted signature of the artist on blockchain. That is proof of the authenticity of that work of art. When you create a digital artwork you can decide to “attach” an NFT to it as a certification.

Sources:

https://www.gq-magazine.co.uk/culture/article/nfts-art

https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq