First, let’s see what is Cryptocurrency ?
A cryptocurrency is a new form of digital money. You can transfer your traditional, non-crypto currency money like the U.S. dollar digitally, but that’s not quite the same as how cryptocurrencies work. When cryptocurrencies become mainstream, you may be able to use them to pay for stuff electronically, just like you do with traditional currencies.
Now, start with the introduction to NFT
BITCOINS have helped create a new world of digital currencies and now all attention to something new is arising, non-fungible tokens or NFTs.
Wikipedia says about NFT:
A non-fungible token (NFT) is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable.NFTs can represent digital files such as art, audio, videos, items in video games and other forms of creative work (wikipedia)
So, what does non-fungible token or NFT mean?
Non-fungible more or less means that it’s unique and can’t be replaced with something else. for example, your house is non-fungible. if you trade it for another house, you get something completely different from what you have. On the other hand, a bitcoin is fungible — trade one for another bitcoin, and you’ll have the same thing.
A simple NFT meaning is that it is a token, or unit of currency, that is non-fungible, or unique, as it cannot be exchanged for something else. NFTs can represent digital or physical assets.
How do NFTs work?
most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently.
they can really be anything digital (such as drawings or music), but a lot of the current excitement is around using the tech to sell digital art.
See more : What is NFT?