​​Every Saturday, we will tell you all about NFTs from the ver | NFT Community

​​Every Saturday, we will tell you all about NFTs from the very beginning. Follow our new tag #cryptoren_academy for a guide into new technology

What is NFT?

NFT is a "non-fungible token”.

We guess it didn't make things easier to understand So first we define fungible and non-fungible.

“Fungible” refers to something interchangeable with one another, for example, US dollars or Bitcoins. $1 is traded for an equal $1. Both bills represent the same value. One Bitcoin is always equal in value to another Bitcoin. That’s fungibility.

Non-fungible on the other hand is something unique, irreplaceable. Hence there are no equal NFTs, same as there are no two snowflakes alike. Imagine, for example, your favourite car. There are many of the same model, but each of them is unique and irreplaceble.

What makes two perfectly similar pictures, tweets, documents, articles, or songs unique if they minted as NFT? Next time we will glance at NFTs within the blockchain and explain the technicalities behind the scene of creating an NFT.