Tokens can be for any type of service or product in the crypto space. Payment tokens, for example, are coins such as bitcoin or litecoin (LTC), which are used for transactions in the digital world. Whereas, utility tokens provide holders access to blockchain-based products and services. Security tokens are traditional assets such as stocks and shares described by digital tokens on the blockchain.
Fungible and nonfungible tokens are the most specific types of tokens, and we are discussing both in this article.
Fungible and Nonfungible Token
If you are aware of the concept of fungibility in economics then it can help you to better understand fungible and nonfungible tokens. The only difference is that crypto tokens express their fungibility property through a scripted code.
Fungible tokens or assets are divisible and non-unique, these can be interchangeable. For example, fiat currencies are interchangeable: a $1 bill in Miami has the same value as a $1 bill in New York City, similarly, 1 BTC is worth 1 BTC, regardless of where it is issued. Thus, these are Fungible.
On the other hand, Non-fungible assets or tokens are unique and non-divisible. They should be treated as a type of deed or title of ownership of a unique, non-replicative item. For example, a flight ticket is Non-fungible because there cannot be another ticket of the same kind because of its precise data.
Thus, NFTs are unique and indivisible items either in physical or intangible form, like images or intellectual property. Blockchain is the underlying technology that can easily prove the ownership of an intangible digital item.
The main difference between Fungible and nonfungible tokens is that whereas fungible tokens store value, non-fungible tokens store cryptic data like ownership of any artwork. NFTs are molded through smart contracts that provide ownership and also handle the transferability of NFTs. The minting process includes a few more steps, from forming a new block to validating and recording the data on the blockchain.
Meet NexonNFT
NFT, which stands for the non-fungible token, is growing at a rapid pace. These are considered the next big thing in the market. NexonNFT is harnessing the power of cryptocurrency, blockchain, and NFTs to deliver something extraordinary.
NexonNFT is building a fully-featured Cross-chain NFT marketplace that will eliminate all the existing problems in the NFT world. The project will have a platform that will be easy to understand and easy to use. It will have proper guidance for all the market activities for buyers and sellers. A reliable team will also provide the best possible customer support and will also help in authorization verification.
The project also has Nexon Pay (https://www.nexonnft.io/pay) (A payment platform), Nexon Token, Nexon Bridge, and Nexon Games. Nexon Pay will be the default mode of all the transactions in this ecosystem.
We hope that after reading all the key features and benefits of NFT and NexonNFT, you will not miss this opportunity to make decent profits. So invest in Nexon tokens now and be a part of the profitable revolution.