What is a nonfungible token (NFT)?

It stands for "nonfungible token." Nonfungible, meaning you can't exchange it for another thing of equal value. A $10 bill can be exchanged for two $5 bills. One bar of gold can be swapped for another bar of gold of the same size. Those things are fungible. An NFT, though, is one of a kind. The token refers to a unit of currency on the blockchain.

Are NFTS worth anything?

Bored Ape Yacht Club NFTs in Times Square, New York, during an NFT conference in June. Most NFTs may now be worthless, less than two years after a bull run in the digital collectibles. A new study indicated that 95% of over 73,000 NFT collections had a market cap of 0 ETH. Out of the top collections, the most common price for an NFT is now $5-$10.

What is the difference between NFT slang and NFT terms?

Now, there's a subtle difference between NFT slang and NFT terms, one is about causal language used online and the other covers the actual terminology of technology and processes. Read on to find if you're a diamond hands collector or a proud degen. 1:1 Art: This refers to an NFT being one single piece of art, not a series or generative collection.

What are the different types of NFTs?

Paper Hands: The opposite of diamond hands, these NFT collectors sell early. PFP: This stands for Profile Picture and is seen as the first type of NFTs that became big – such as Bored Apes Yacht Club and Crypto Punks. They're used as online personalities and have become popular on social media.