What do you need to know about NFTS?

Here’s what you need to know about NFTs. What is an NFT? NFT stands for non-fungible token. They're are a type of crypto asset, meaning they are digital assets rather than physical. Also, while they can hold monetary value like any other asset, they are not considered a cryptocurrency. Non-fungible refers to the fact that each NFT is unique.

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.

Is NFT a fungible asset?

"It's doubled in value already." The "non-fungible" portion of NFTs simply means they can't be exchanged for another asset of the same type, and can instead only be transferred in exchange for some sort of money, typically ethereum or bitcoin.

Who owns the NFT?

Corey owns the NFT for this piece of digital art, which is a Hashmask currently called Watermelon, but he may sell the naming rights to the piece to someone else. (Sheldon Corey) She says it's easy to think some of the assets are trivial, but so are a lot of physical collectibles.