The term NFT stands for Non-Fungible Token and they give users the ability to trade assets on Ethereum, a decentralized network. This is how you can buy or sell something online without any third parties involved.
Non-fungible tokens are digital assets that come with specific attributes. They are all unique and cannot be duplicated. This makes them desirable to collectors, gamers, and other people who want to own something they can call their own. With the rise of digital coins, more companies are now issuing these tokens as a type of stock in their business.
NFT’s are a type of digital asset that cannot be replicated. They come in the form of a token and are also called “unique tokens.” They’re built on top of a blockchain and can exist without a central intermediary. This means that they’re more transparent, immutable, and decentralized than other forms of digital assets or fiat currencies.
Why is there so much buzz about NFT?
In-game items have been a craze for many years, but these days they’re more than just a hobby: they’re a lifestyle. Online games like League of Legends and Overwatch give gamers the opportunity to earn and trade virtual goods. The latest trend is Non-Fungible Tokens (NFTs) – tokens that represent digital collectibles on the blockchain – which generate excitement, due to their ability to create scarcity and be truly unique.
How does it work?
With the help of blockchain technology, the owner of the digital asset can be authenticated, making digital as real as a physical art piece. This is done by associating each artwork with one or more holographic tokens that represent ownership rights to the specific digital copy of the work. What is NFT and Why is there so much Buzz About It?
This video by YouTuber Johnny Harris explains NFTs in plain English. It’s one of the best explanations of the NFTs I have come across.