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Myth-Busting NFTs: 7 Claims Fact-Checked
With all the marketing aplomb of basement-coders worldwide, NFTs were named with an acronym that does little to clarify their utility.
You probably know by now that NFT stands for Non-Fungible Token; what is perhaps less clear is what “Fungible” actually means; in this context, it means interchangeable.
Consider an ounce of platinum. That platinum is fungible, meaning it can be exchanged for any other ounce of platinum. Now consider a piece of jewelry made from one ounce of platinum. That jewelry is not interchangeable with any other ounce of platinum; it has the same core materials, but it has unique characteristics that may be artistically valuable, such as shape, or craft. The jewelry is non-fungible.
The letter that actually matters in NFT is T for Token. Tokens are little chunks of a ...