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.

What is a gaming NFT?

A gaming NFTis an NFT associated with any digital item from the realm of online gaming and the metaverse: in-game items, characters, skins, customizations, maps, modes, tickets, collectibles–any digital creation that one would use in a gaming environment. It is a unique, blockchain-based item representing a specific item or element within a game.

Are NFTS fungible?

Those things are fungible. An NFT, though, is one of a kind. The token refers to a unit of currency on the blockchain. It's how cryptocurrency like Bitcoin is bought and sold. "Remember those days where people would line up for the newest Nike Air Jordan sneakers at the physical store?

Can a NFT be duplicated?

While copying an NFT's digital file is always possible, the NFT itself offers proof of ownership of the asset, which can't be duplicated. This makes it similar to fine art investing. For instance, Van Gogh's Starry Night can only have one owner ( MoMA ), even though the image has hundreds of thousands of reproductions. What are NFTs used for?