What is NFT? by @numanfarooq7677
Assalamualaikum
All of you my friends in this brand new and beautiful community. I hope you are all will be happy and working your best here. Today am excited to see the bunch of hard-working people in this community (Steem4Bloggers). I love this community because my favorite personality in steemit is professor @kuba01 and also my friends @steemdoctor1, @
alihussain07, @malikusman1, and also @chiabertrand. So you are all very hard-working and honest people. Congratulations to you and my best wishes are always for you.
Today I want to publish this article for all of you in which I discuss the NFTs because it becomes more popular in the world of Web 3.0. So without wasting your precious time let's start the post.
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What is NFT
The NFT is an abbreviate of the Non-Fungible Tokens. It means that NFTs are the cryptographic assets that work on the blockchain system. They represent the digital assets in the form of objects which exists in reality like art, music, pictures, games, audio, and videos. People can easily buy and sell these tokens easily at their exchanges.
NFTs are made up of unique and specific codes so that they can not be replicated because the information and codes of each NFT are different from each other we know that NFTs are faster to deliver, easier to trade, and more secure.
Following are some differences between the Fungible and non-fungible tokens.
Fungible Tokens
The Fungible tokens are not unique and divisible. For example, the Dollar $ a fiat currency is fungible because a bill of 2$ in Miami is the same as a bill of 2$ in New York city. It can also be a cryptocurrency like a BTC. So BTC is also a fungible Token. Fungible tokens use the ERC-20 network which is a very significant Etherium based on blockchain technology, the same as BTC, ether, and bitcoin cash. So its protocol is one of the best systems of blockchain.
Non-Fungible Tokens
The non-fungible tokens are unique and non-divisible which is a great feature. These are considered the title of an owner of any unique asset. For example, the ticket of the flight is non-fungible because there is no ticket same like that because of its unique data or codes. A car, a house, and a ship are non-fungible tokens because these are one-of-kind unique physical assets. On the other hand, the Non-Fungible token uses the ERC-721 network on the Ethereum token, it allows developers to tokenize the ownership of the capricious assets. So it can be used for sending the whole asset to others without breaking it down into multiple points.
Are NFTs interchangeable?
The NFTs are not interchangeable as I said above that the non-fungible tokens have unique codes. So these codes of unique ids make it impossible to change the NFT's assets. As we know cryptocurrencies which are interchangeable because they don't have unique ids in their information, we can say that NFTs presents unique and specific assets. The usage of NFTs in digital arts and games has been gaining popularity in the previous year.
I hope that you will like this post and am very glad to work with such hardworking people.
Writer @numanfarooq7677
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Haz realizado un contenido valioso amigo, sobre todo para los que a penas estamos iniciando en el mundo de la NFT.
Recientemente compré unas de Steem link.
Te dejaré el enlace de mí publicación para que me dejes tu impresión.
Club5050 Tutorial: Hazte Propietario de una NFT de Steem Link, por @rmm31
Welcome here my brother. I wish you a very good luck in the community and I hope that you will provide good content here.
Greetings bhai.
Thanks for your compliment. I will give my best here.