What is NFT with meaning and why they are so popular? Let us check it NFT means NON FUNGIBLE TOKEN we will understand in details
FIRSTLY we will understand what is fungible .Anything which is equivalent to something is fully fungible. For example, $100 in itself is interchangeable with exactly another $100 is Fungible
Now, what is non-fungible? Anything that is rare, a work of art that cannot be divided or exchanged is a Non-Fungible Token. NFT includes works of art, domain names, songs, photos.
They are bought and sold online, often using cryptocurrency, and are often encrypted with the same software as cryptos.
Non-fungible tokens may be traded or consumed, but they cannot be duplicated. Taking this into account, they become a currency based on scarcity and trust in the ownerships.
Those who can't endure to think about stocks and virtual currency may find it interesting now. They can now begin investing in various retail-type digital assets,
NFTs helped the artist obtain great value for their work, few have achieved millions, but many artists could make a living from their work.
Artists can take advantage of blockchain technology to transfer ownership of artwork from the seller to the buyer without anyone copies the original work