Hello Steemian

Greetings to you friend and how are you doing today. I am sure that you are very much fine and having a good time with your loved ones. Indeed I am so much happy to have you here.

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Using your own words to define non-fungible tokens: NFT, and to show the difference between fungible and non-fungible tokens.

Non-fungible tokens (NFT) is define as a digital item which represents real world items such as art, videos games, music, memes, images and so on. Non-fungible tokens as a digital assets can be bought and sold online in a NFT marketplace like OpenSea's just like other cryptocurrency. Today, the world as a whole are talking about NFT as one of the asset that is need to be own by everyone just as we have been purchasing real world asset.

However, the word fungible and Non-fungible tokens are two different words that is sometime confusing to people. In this post, I have discussed about the difference between fungible and Non-fungible tokens. Let's get to see the difference between the two.

Differnence Between Fungible and Non-fungible Tokens:

✓ Fungible are tokens that are divisible. For example, conventional currencies like dollar pounds, Naira that we are using in our various countries are what is known as fungible. Another, is that in Fungible for example goods that are worth $2 dollars has the same value as $2 dollar bill in Nigeria. Also Fungible is also seen as cryptocurrency such as Bitcoin, Ethereum etc just as 1 ETH is equal to 1ETH no matter where you send it to.

While

✓ In the case of Non-fungible tokens, it is a token that are Non-divisible but unique. Non-fungible tokens are tokens that certify ownership of digital items and non-fungle tokens, deals with unique items that can only be own by one person. For example, a flight ticket that is issue to someone is regarded as a Non-fungible token because you cannot transfer it out to another person.

✓ Fungible are tokens that is used for stored of value.

Whereas

✓ Non-fungible tokens are tokens that are used for stored of data.

✓ Fungible are tokens that are built on it own blockchain and it's also an ERC-20 token.

Whereas:

✓Non-fungible tokens are tokens that are built on another blockchain and it make uses of ERC-721

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Are NFTs interchangeable? What are the differences between an NFT and other currencies? Is there an NFT marketplace? And how to invest in NFTs?

The answer to this question is no NFTs are not interchangeable and it is relatively scares unlike other cryptoassets.

The differences between an NFT and other currencies

Currently there are three types of currencies that are well-known in the blockchain industry which is NFTs, Stablecoins and cryptocurrency. The stablecoins is a currency that is peddge to $1 US.dollar which is use to represent conventional currencies.

In order for we to understand the difference between an NFT and other currencies let's compare the currencies below:

NFTs	Stablecoin	Cryptocurrency
NFTs are the type of digital asset that is used to represent real-world assets and it's not interchangeable which makes its different from cryptocurrency which means it's cannot be traded just like other currencies are traded	Stablecoins,are electronic form of currency in a digital way that represent real-world money (Fiat). Digital can be use in any part of the word to pay for goods and services and its does not need encryption for protecting protection of user wallet.	Cryptocurrency are digital assets that are runs on blockchain network and every data are records and stores in a public ledger for everyone to see.
NFTs are decentralized	Digital currency are centralized	Cryptocurrency are decentralized
NFTs can not be traded for each other like other currencies like the digital currency and cryptocurrency as they are unique items that represent real-world items.	Digital currencies can be traded for each other and they is equally no loss for the value of digital currencies	Cryptocurrencies can be traded for other cryptocurrency just as the digital currencies.

NFT marketplace and how to invest in NFTs

NFTs is one of the digital items that has a large marketplace for buying and selling of NFTs and some of these NFTs marketplace are mentioned below;

• OpenSea.io
• Rarible
• Foundation
• Axie Marketplace
• Nifty Gateway
• SuperRare

To be able to invest in NFTs, you will need to first create an account with MetaMask wallet or by installing MetaMask chrome extension on your browser. After installing MetaMask, you then need to found your wallet with Ethereum for payment of gas fees.

After you have fund your MetaMask wallet you can then head to any of the marketplace listed above, and connect to MetaMask which you can then buy or sell NFTs.

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How to create a new NFT and is it possible to have an NFT stolen? And why use a distributed file system like IPFS in this area?

How to create a new NFT

Creating a new NFT is very easy and simple all you have to do first is to have a MetaMask wallet or any wallet that is requires for payment of gas fees. The steps below is how to create a new NFT

✓ First create a wallet with MetaMask, Coinbase or any wallet that is require that will enable you to create your NFTs.

✓ Once you have create and account with MetaMask, you can visit any of the NFTs marketplace like OpenSea.io and create an NFT.

✓ After linking your wallet, click on create, where you will be taking to a page where you can then upload your art, Jgpeg image or your digital work.

✓ You can select Polygon Network or Ethereum Network as your blockchain. Note Ethereum come with a high gas fees.

✓ upload your file.

✓ add description and then click on create.

Click on create	Select your prefer wallet

upload your artwork	select network and click create

For Selling/Minting

click sell	enter your price and proceed

The use of a distributed file system like IPFS in this are

Distributed file system like IPFS in NFT is use to ensure that every user or NFT holder have access to their digital items. It is through IPFS that one can access his/her NFT using fingerprint which is the main reason of using IPFS to ensure stronger security.

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How are NFTs used in art, video games and collectible card games? And how are NFTs revolutionizing property titles?

NFTs used in art, videos games and collectible card are design by which one can buy and sell digital assets. Let's take a look at them one after the other.

ART
The used of NFTs in art, is to allow artist earn money from their design by selling their artwork directly without getting short pay.

VIDEO GAMES
The main used of NFTs in video games is to allow players earn rewards for the time they spend playing games. One of the popular NFTs game is CryptpBlades game that allows players to use characters and fight with each other and also unlock a NFT which can be sold.

COLLECTABLE CARD GAMES
Collectable card gams,e are games that are operate on a blockchain that allows players to upgrade from one level to another through subscription. Players also earn rewards from playing the games but any player that want to move to the next level most have completed the current level or use card and upgrade to the next level.

NFTs revolutionizing property titles?

NFTs revolutionizing property titles is what proof the ownership and uniqueness of the digital asset that are own by users in the market. It's from NFTs revolutionizing property titles that digital item can be Identify and sperate from each other.

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How are NFTs regulated? And what are the solutions to the limits of NFT development?

Currently at it stands right now NFTs are not regulated like digital asset. However, regulatory body I still looking for a way NFTs can be regulated.

The difficulties that is facing the regulations of NFTs is that most of the regulating body like the Anti-money Laundering are seeing NFTs as a cryptoassets which they are planing to include NFTs regulation into that of other currencies like digital asset and cryptocurrencies.

The solutions to the limits of NFT development

Some of the solutions to the limit of NFT development is as follows;

• Storage space should increase
• Gas fees should be reduced
• More rooms should be open for more NFT to be created.
• NFT should be interchangeable just like fungible tokens are.

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Conclusion:

NFTs marketplace is where you can buy and sell your artwork and it is a fast growing marketplace where you will see beautiful artworks. I am inviting @olabillions, @kawsar and @malikusman1 to this contest.