Crypto

What is NFT? -Forbes France

DECRYPTION NFT stands for “Non-Fungible Token”. The adjective “substitutable” is an economic term that refers to a commodity or asset that can be exchanged for another commodity or asset of the same value. A “non-interchangeable” item cannot be exchanged for something of equal value. An NFT is a digital file that comes with a digital certificate of authenticity, making it unique and non-interchangeable. By receiving the NFT, the buyer becomes the exclusive owner of the digital asset: a painting, a video, a photograph, a meme, a video game element, a movie, etc.

NFT is, first of all, a method whose authenticity is guaranteed by a blockchain-secured certificate. NFT guarantees sole ownership of a digital asset. NFTs can be bought at a certain price, but the fact that they are not fungible allows their market value to fluctuate. Blockchain is a guarantee that these objects cannot be reproduced (without a time limit). This is why the popularity of NFTs in the mainstream art world is skyrocketing because, like old master paintings, originals are one-of-a-kind copies. The rise in popularity of blockchain technology is partly due to its ability to keep assets secure by keeping a history of every transaction that takes place. NFTs are stored in the same way as cryptocurrencies, in a password-protected digital wallet.

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