What do you need to know about NFTS?

Here’s what you need to know about NFTs. What is an NFT? NFT stands for non-fungible token. They're are a type of crypto asset, meaning they are digital assets rather than physical. Also, while they can hold monetary value like any other asset, they are not considered a cryptocurrency. Non-fungible refers to the fact that each NFT is unique.

Are NFTS fungible?

Bitcoin represents a fungible token, just like USD bills, while items that cannot be precisely divided and interchanged for the same value, such as diamonds or Pokémon cards, are non-fungible. Once an NFT is minted, it becomes a part of blockchain, a digital asset with its ownership uniquely identifiable and traceable. Where Are NFTs Stored?

Are NFTS a bubble waiting to burst?

Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables, but plenty of sceptics fear they're a bubble waiting to burst. What is a non-fungible token? In economics, a fungible asset is something with units that can be readily interchanged - like money.

What is a community NFT?

Those are what are known as community or pfp (profile picture) NFTs. Basically, they’re a series of unique but thematically related NFTs, released in limited batches. Once they’re released or “minted,” these NFTs become a kind of digital collectible, and a membership card to an exclusive club.