"Back to Dictionary

WHAT IS A NFT

NFTstands for "Non-FungibleToken". A non-fungible good is a good whose value is not replicable, the clearest example is a work of art; although a replica can be made, its value is unique and different from any other good. NFTs are basically the same but applied to the concept of a token. For example, Bitcoin is also a token, but it is fungible.

The simplest analogy we can make is gold. That is, Bitcoin would be like gold, as a gold bar has precisely the same value as another gold bar, however, an NFT "would be" a gold jewel made by a craftsman.

In this case NFTs have great potential because being based on Blockchain, they have a unique code that identifies them and cannot be replicated, so we can always know the origin of an NFT, thus avoiding buying replicas or a good that is not exactly the one we were looking for.

Surpass your competitors?

Join our Newsletter and receive weekly Blockchain news specialized in web3 creators.

PODIUM PNG - Smithii
SMITHII LOGO

All-in-one Solution for Solana Projects

Features

Analytics

Management

Smithii Tools

Apps

Resources

Tutorials

Affiliates

NFT Course

Blog

Dictionary

Sitemap

Subscribe

Receive weekly news
for Solana Creators

© 2024 Smithii | All rights reserved