If you have been using social media then you may have known some information about NFT many may be hearing this word today so this article is written today to clear everyone’s idea.
After this article you will get a complete idea about NFT and what it is used for.
The full meaning of NFT or NFT is Non-Fungible Token. It is a digital asset.
Let’s try to understand about Fungible now. For example, you have 1000 dollars, now your friend also has 10 notes of 100 dollars. What is the value of your money and the money that a friend has? Certainly not. And it is fungible that can be exchanged.
Many people may be thinking why it is non-fungible. There is a reason for saying non-fungible. NFT token is a token where unique information can be stored within each token using its smart contract. And this is why one NFT token differs from another NFT token. That is why it is called a non-fungible token.
What is the function of NFT?
NFT has some important functions:
- Special and unique items are bought and sold within the game.
- Many people invest in NFTs.
- Since it is a digital art and asset and unique, they are collectable.
- Used as virtual assets.
How to buy NFT:
The process of buying NFTs is a bit complicated to buy it you have to follow some process. Like first you need to create a little wallet.
Next, the wallet needs to be connected to the NFT marketplace. Then transfer the funds to your wallet.
Then you can search and purchase NFTs from the net marketplace of your choice.