A fungible object is one that may be swapped for another of the same classification/description at a 1:1 ratio.
As an example,
"Non-fungible" basically implies "unique" and "irreplaceable."
Of-course they are aware! Even if all of the dogs are excellent males, you won't be able to have the same experience with any of them. A plethora of obvious and subtle distinctions distinguishes them as unique, with no two being identical.
- A non-fungible trading card is a one-of-a-kind trading card. You'd get something entirely different if you swapped it for another card. You obtained a Charizard in exchange for giving up a Pikachu.
- Pretend you're responsible for a friend's dog while they're on vacation. Their Labrador, on the other hand, takes off running. You decide to replace it with another Labrador and hope they don't notice after looking for days with no results. But They notice!
Dogs aren't interchangeable or identical - they're referred to as 'non-fungible.'
Each non-fungible asset/unit has a distinct character that has an influence on its basic valuation.
Differences in appearance, rarity, function, and a variety of other characteristics have a direct impact on a unit's identity and, as a result, its value.
As a result, we may suppose that objects that aren't immediately indivisible, interchangeable, or replaceable are not directly indivisible, interchangeable, or replaceable. Unlike fungible assets such as Bitcoin or other national currencies, which are issued by governments.
The birth of NFTs
Blockchain was formerly only focused on bitcoin.
Some foresighted architects eventually recognized that this technology might be used to produce and store unique, recognizable digital products, as well as digital representations of real-world documents such as diplomas and marriage certificates, and much more.
The NFT was created as a result of this.
Can I not just right click and save the video or picture file of any particular NFT?
Technically, no, but you can generate as many digital 'copies' as you like. NFTs are intended to provide you with something that cannot be 'copied,' such as 'ownership of the work.'
So you see what I'm getting at? That is the whole point of a "NON-FUNGIBLE" token, something that is one of a kind and cannot be replaced by a copy in terms of value, e.g., you can make as many copies of the "Mona Lisa" paintings as you want, but the real value is in the original one hanging at the Louvre Museum in Paris, France, because it is owned by a single person, organization, or country.
Are NFT Secure
NFTs are stored on a private blockchain address that you control with your private key. Because NFTs aren't stored on a centralized server, they can't be taken away by server failures, lack of maintenance, or account bans. You have complete control over your NFTs and may trade, sell, or give them away at any time.
Platforms to trade NFT
List of the most popular NFT platforms.
7. Async Art
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