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What are Non-Fungible Tokens or NFTs and what are their applications in the cryptocurrency market?


The word NFT means non-fungible tokens, now what does that mean?
If we compare this with fungible assets, you will better understand what it means.
For example, when I have an ETH currency and you have an ETH currency and we exchange our wallets, there is no change in our assets.
And we still have the same amount of ETH currency which the price is equivalent to the daily currency of ETH.
The same is true of bitcoin. The same is true of all other Fiat assets, including the dollar. These assets are called fungible. There are a number of other assets that are considered as non-fungible.
For example, if we have a house in a certain area, a street and a certain alley, the value of this house is different in another area and street and they are not interchangeable at all.
In the cryptocurrency market, there are also programs and games that are designed based on a series of blockchain programs.
For example, you can have cats in the form of a game and do their offspring and have a special breed of these cats; Each of these cats has specific characteristics and their value is not equal. All of this is about non-fungible tokens.
The issue of non-fungible assets is not common today, while it can have many applications in the real world. Now let’s compare the different assets. Some assets have the same value,Some assets are not of equal value and prices are quite different.
Another group is formed between these two assets, which are known as semi-fungible assets. The standard used to create NFT tokens in the ETH network is ERC721.

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