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Why Non-Fungible Tokens(NFT) Are so Important and Are They Here to Stay in 2021?
Non-Fungible Tokens, or NFT’s for short, are what everyone has been talking about this last year. If you have a smartphone with an internet connection, I am sure you have seen something on NFT’s. Its traction was primarily driven by the massive amounts of money they are being sold for in recent months. But what exactly are they, and are they going to be around for a while? Let’s talk about it.
NFT’s are basically digital property, or the deed thereof. It’s proof of ownership for something digital. This can be a GIF, image, a domain. This and the uprising of cryptocurrency have allowed people to claim ownership for not tangible items on the internet.
This is a gamechanger in a world where the laws around the internet of things are now beginning to solidify. People are able to claim digital property, increasing the value legally. The harder something is to get. The most demand grows for it.
Fungible items are items like cash or casino chips. They have a certain value and can be traded easily with items of the same value. For example, I could give you $100 cash in exchange for a $100 check. These items are fungible because either way, I have $100.
Non-Fungible items are things that might not always have the same value. These are…
