CRYPTO KNOWLEDGE FOR BEGINNERS: WHAT IS NFT?
NFT is a common term in the blockchain space. In recent years, it has become even more popular among crypto investors for its success.
NFT is short for Non-fungible Token. It can be understood as a unique token and irreplaceable. NFT is an encrypted token and represents anything in any field from music, art, domain website or even a tweet on Twitter. For that, NFT is known as collectible tokens.
For instance, if you own a painting and you want a certificate of ownership, you can completely tokenize the painting into an NFT token. That token is kept on the blockchain and it is unique and irreplaceable.
An easier to understand example is when you have a 100$, you can trade it for another 100$ or 10$ for 10$, since it has the same value. However, with NFT, when an object is encrypted, it is the only one and cannot be replaced. This is the specialty of NFT.
Just like 2 FADO tokens are almost identical, because the value is the same, it can be split. But if 1 FADO token is encrypted and adds unique identification, it becomes an NFT.
Although anyone could see NFTs, only the buyers officially OWN them.
Now that you know the concept of NFTs, wait ’til we talk about its potential in our next posts!
About FADO Go
FADO Go is a Blockchain-based platform that facilitates cross-border shopping easier by connecting consumers, brands, KOLs, and logistics providers on a decentralized network. Shoppers can enjoy the global online shopping experience and earn with cryptocurrency (FADO Token).