What is NFT?

What is NFT?

NFT, Non-fungible tokens (non-fungible tokens), are tokens that we use to represent the ownership of items. NFT can be used to mark virtual items in paintings, music, movies, and games. Each token can only have one official owner at a time. Although the work itself can be copied indefinitely, the token representing them is tracked on the underlying blockchain, and no one can modify the ownership record.

What is irreplaceable? Irreplaceable is an economic term. The contents of paintings, music, and movies cannot be interchanged with other items because they have unique attributes.

What is replaceable? Replaceable items are defined by value, not by their unique attributes. Such as ETH, BTC, SHIB.

Internet assets

As society becomes more and more digital. Current virtual assets (for example: paid download music) lack: scarcity, uniqueness, and ownership attributes. NFT solves this problem very well, the following is their comparison.

1. Uniqueness

   • NFT is unique. No same NFT
   • The current digital asset, the copy of the file is the same as the original file

2. ownership

   • NFT has only one owner. And everyone can verify
   • The current digital assets are stored on the server controlled by the institution. If the institution confiscates your ownership, there is nothing you can do.

3. Way of selling

   • NFT can be sold anywhere
   • Current digital assets can only be traded on institutional platforms

refer to

• Non-fungible tokens (NFT)