What is NFT? Guide by Gameinfinity
Yet another incredible application of Blockchain.
Blockchain technology is not just about crypto, it is a proven database system to replace the traditional ones. Just like the Defi apps emerged here is yet another application on Blockchain technology Called “ NFT” , The Non-Fungible-Token “
But before we explain to you about NFT,s, Let us brief about Fungibe tokens
Fungible means the object is Identical and Interchangeable. Any object that can be exchanged with a similar kind of object with a 1:1 ratio is called fungible.
For example, A $1 note will have the same value if it is with you or a King, there are many Identical notes and hold an exchangeable value.
Fungible is also divisible
For example, A $1 note can be divided into 100 coins if 1 cent and still have the same value, but the note has been replaced.
Cryptocurrency is a Fungible token, built on blockchain. Just like Bitcoin that can be exchanged with bitcoin, replaced in wallets, and divisible in Sats.
Here is the Difference
Goods/Assets that are not directly replaceable or Interchangeable are called Non-Fungible Tokens. The NFT mainly deals with Identity and Being unique.
NFT can be characterized by
- Having a verified Identity
- Being Unique
- Being Scarce
- Being not divisible
NFT’s are digital collections that can be possible music, arts, videos, lands, game elements. These collections are minted on a blockchain network and thus giving routes to the Creator or owner of the element.
Why is NFT Important?
The NFTs give users the authority to own the identity to their (it's like a Digital license), since it is n blockchain anybody can see the history and ownership of a particular NFT.
With the evolutions, NFT’s are steadily evolving and we can see NFT's of Games and Metaverse lands which give you the ownership and incentivise too.
GameInfinity Web3 Gaming is also in the race and there are NFT’s of games that are being hosted on the platform. The NFT’s are limited and are made with a unique “Profit Sharing Model”, which means the holders of the NFT’s will receive rewards each time the game is played.
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