NFT stands for non-fungible token, meaning a one-of-a-kind digital token that you can buy or sell.
A real-world example might be a bottle of wine–no two are exactly the same, even if they cost the same amount. A dollar, on the other hand, is considered fungible because it can be exchanged for a euro, similar to how cryptocurrencies (fungible tokens) can be exchanged.
Tokens can represent almost anything, using blockchain technology to prove ownership. You’ve likely seen them associated with a digital image, GIF, or song. NFTs can also represent access to real-world and lifetime experiences, physical items, digital art, virtual adventures, and more.
Why they matter
NFTs introduce verified ownership to our digital world. This will disrupt many more industries than it won’t.
Verified ownership, aka property rights, is widely held to be the driver of economic growth in the developed world. This will unlock tremendous value that has up until now been captured and retained by the digital landowners aka ‘platforms’.
The unlocking of this value will stimulate a massive growth in creators & communities as deeper engagement is now rewarded with an appreciating digital asset.
Start minting NFTs for free at Voice today.