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Today I will be sharing some vital information about the NFTs even though I have been receiving different questions about What NFT is all about and how does NFT works. I will definitely try my best to make this post more explicit as simple as possible for those having problems understanding what NFT is all about. I suggest you grab some pop corn and coffee/tea to digest this short article as you read through this post.

What is NFT

I'm quite sure most of us might have been hearing about NFT here and there but the truth is that the term NFT is an acronym or abbreviated word which connotes Non Fungible Tokens just the same way Decentralized Finance is abbreviated as Defi.

Now let's take a proper analysis about the meaning of the word "Fungible". Fungible simply means exchanging a commodity or something which has identical features with each other. It's just like the way you exchange a green cup for another green cup with similar features. Also, when we consider our world of cryptocurrency, it can be observed that most cryptocurrencies are fungible because you can trade or exchange them for each other just as the way you can exchange your Bitcoin for another Bitcoin because it is fungible.

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On the other hand, non fungible simply means commodities or items that can never be exchange for each other. This is actually where the concept of non fungible tokens comes in. Non fungible tokens doesn't support exchanging them for tokens of it's kind. This simply implies that a red NFT cup will never be the same as another NFT red cup because every Non Fungible Tokens posses a unique digital signature which makes it impossible for them to be equal or exchanged with each other.

NFT in Cryptocurrency

The same way NFT can't be interchangeable in real or physical world, that's the same way it happens in crypto blockchain technology. NFT are also developed on blockchain which helps to record transactions on distributed ledger. NFT are mostly developed on Etherium blockchain and it's really a great news that some other blockchain aside Etherium are also adopting NFT systems.

The astonishing fact about NFT is that they can also be generated from digital objects which represents items like art, music, images, gifs, videos, designs, games, and many more. NFT really play a very great role in the aspect of entertainment and this is also a great revolution and advancement in the cryptocurrency and blockchain technology.

Art and Entertainment Industry going Digital with NFT

NFT has actually been in existence for the past 7 years (2014) as it was first introduced by Kevin McCoy and Anil Dash in a presentation at a museum located at New York City. It's really sad the adoption of the system was drastically low not until last year when the Co founder of twitter Jack Dorsey made a huge gain of about $ 2.9, 000,000 for selling his first ever tweet as an NFT. The exposure and popularity of NFT began known to the masses when a crypto multi millionaire named Metakovan bought an NFT worth of $69.3 000,000. This has really shown that NFT is definitely the future of the entertainment industry.

A very good advantage of NFT is that artist and content creators can monetize or sell their art or work directly as an NFT without any need for auctioning. They can do this easily at their comfort zone provided they have access to the Internet.

Also, it's really great we now have different crypto project adopting NFT systems and this has really shown the versatility of Cryptocurrency and blockchain technology in all sectors. NFT has come to transform entertainment industry and art into a form of digital technology to solve more human problems and bring more more comfortability to the lives of humans.

Thank You for your time and I hope you have a great day ahead with love from @hardaeborla
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