NFT stands for non-fungible tokens. Basically, something you have full ownership of that can be verified on the blockchain. These tokens can be a signifier of ownership of digital and/or physical goods.
What does the non-fungible element mean? Well, the cash in your pocket - $, £, € or whatever you use - is fungible. You can trade one piece of paper in your currency for another and receive zero loss in value.
A one-of-a-kind artwork, however, is non-fungible. If you traded it for a different piece of art, you’d have something completely different. You gave up a Monet and got a Pollock in return. Two very different paintings with different styles and different values.
NFT assets are based on the distributed ledger tech of blockchain. At the time of writing, they're most often used for the authentication of ownership of certain elements - either digital or physical.
At DeRev we see an exciting future for NFTs and want to keep you up-to-date with the most exciting developments so you're never left out of the loop.
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