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What are non-fungible tokens (NFT)?
Learn about non-fungible tokens (NFT).
NFT means “Non-fungible token”. And “Non-fungible” means that it’s unique and can’t be replaced with something else.
Before the internet and blockchain era, we can say that
- Owning a house is a non-fungible asset. This house and its location are unique. You can still trade this asset for another one, but you will then own another unique house. The same applies to a masterpiece of art (only 1 original with 1 owner).
- Owning 1 Euro is a fungible asset. You can trade 1 Euro for another 1 Euro, you will still own the same asset. The same applies to copies of a masterpiece of art (many persons can own a copy and trade a copy for the exact same copy).
It is the same for cryptocurrencies
- Owning a NFT is a non-fungible asset. This NFT is unique. For example a unique item in a video game that only 1 person can own or trade.
- Owning 1 Bitcoin is a fungible asset. You can trade 1 Bitcoin for another 1 Bitcoin, you will still own the same asset.
The principles of decentralized NFT on the internet blockchain open vast possibilities.
The first application is purely virtual: you own a videogame unique character, or a unique 3D drawing on the internet…
The future applications are vast: register your ownership of your videos on Youtube, register your ownership of a song… and get revenues when people see or buy your creations!
Even for the ‘physical’ world: register the ownership or sale of a house, own or trade a unique trading game card…
Buying a NFT today is buying the unique property of a unique item that no other person will ever own in the world, unless you decide to sell it!
At Mainbot, we currently sell Winkybots, our NFTs with unique designs for our up-to-come Winkyverse!