NFT (Coming Soon)
What is a Non-Fungible Token?
A fungible asset is something with units that can be readily
interchanged - like money.With
money, you can swap a £10 note for two £5 notes and it will have the same value.However, if
something is non-fungible,
this is impossible - it means it has unique properties so it can't be interchanged with
something else.It could be a
house, or a painting. You can take a photo of the painting or buy a print but there will
only ever be one original
painting.NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold
like any other piece of
property, but which have no tangible form of their own.The digital tokens can be thought of
as certificates of ownership
for virtual or physical assets.
How do NFTs work?
Traditional works of art such as paintings are
valuable
precisely
because they are one of a
kind.But digital files can be easily and endlessly duplicated.With NFTs, artwork can be