Before starting with the NFT full form, let us introduce some common points about it. The term NFT is being widely searched for the last few months of the year 2021, and in the year 2022, this trend is still rising. People want to know what is NFT, and how it works in the digital world of our financial system.
As the term NFT is very new for everyone in the market hence, not everyone knows about it. Therefore, with the mindset of getting profit in business people wants to know NFT’s full form, meaning, its future scope, advantages or disadvantages, etc. But, here we are going to discuss only the full form of NFT and answer a few frequently asked questions. Okay, let us start with the full form of it.
What is the NFT Full Form?
The full of NFT is a Non-fungible token. Here, the non-fungible and token are two different words, having different meanings. Let us explain to you in detail.
What do you mean by the term non-fungible in NFT?
Non-fungible means non-replaceable or non-interchangeable. Let us explain through an example.
- For example, if you are an artist and you draw a beautiful artwork of a running cat. Therefore, the artwork of a running cat drawn by you is a non-fungible item. we cannot replace that artwork of a running cat with any other similar artwork in the world, because the artwork is created by you.
- Another example of non-fungible replaceable items is, let you have a book and there are thousands of other copies of this book in the market. But in the book, you have highlighted some words, lines, and paragraphs to make some kind of notes or something else. Therefore, this is a non-fungible or non-replaceable item amongst thousands of copies of the same book in the world. Because in that copy the highlighted words, lines, etc by you make it non-fungible with other copies.
What do you mean by Token in NFT?
In NFT full form what about Token? Here, the token is a kind of certificate that authenticates the uniqueness of that non-fungible items. This token is a unique identity.
On the basis of this token, you can sell or buy your artwork on cryptocurrency platforms. This token is secured on cryptography blockchain technology, and once a token is assigned to any individual that individual be the original owner of the assigned NFT forever.