NFTs, or Non fungible tokens represent digital assets which you can own by having a token to prove your ownership of that asset. These can have more than one use cases, and are versatile as compared to blockchain which can one have a specific set of uses.
These tokens have grown in popularity recently, and are now used in various different industries. These tokens are mostly used in the gaming and collectibles industry. You can also check out the Gala Games review for more details.
More About Fungibility
In short, fungibility of a token or asset means it’s ability to be replaced with another asset without losing its value. It is also used to describe the qualities of an asset.
For example, $100 bill has the same value as other hundred dollar bills. So, when you take $100 bill from someone, you do not have to return the same note because every other bill has the same value, and you can use any bill with $100 value for repayment. Same is the case with non-fungible tokens.
Benefits of NFTs
Here are some of the main benefits of NFTs.
They Are Scarce
Scarcity of non fungible tokens is the quality which makes them highly valuable.These tokens can be made in an hour limited quantity, and can be altered in order to change the interest.
They Can Not Be Divided
Another quality of non-fungible tokens is that they cannot be divided into smaller units. So, you can either buy the whole item, or literally no part of it.
Every Token is Unique
Non-fungible tokens are also very unique. Every token has its own uniqueness, and its uniqueness is fully secure and original.
NFTs can be easily transferred, and you can trust them as they are decentralized. You can own any digital asset by holding the non-fungible token for it.