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Understanding non-fungible tokens

Updated: Mar 10, 2022


What does NFT even mean?


The word 'NFT' stands for Non Fungible Tokens. This basically means that you can create token or 'things' on the blockchain technology which cannot be replicated.


What is the purpose of NFT's?


The main idea behind NFT's is that you can create or sell tokens which can be in the shape of art photo, art videos or 3D animations without having the hassle of copyright issues. Technically speaking the blockchain technology is now being used to sell or buy art.


What's the conclusion?


It is still early days for the blockchain technology but the technology is definitely here to stay. We can't see the technology not being used in the future, it might not be used for NFT's in the future but for sure it can be used for a million other things.


#NFT #blockchain #boredapenft

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