Crypto Com NFT Brief Introduction and History

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Crypto Com NFT Brief Introduction and History ( crypto-com-nft-brief-introduction-and-history )

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Introduction While the crypto community has been enthralled with DeFi, non-fungible tokens (NFTs) have been growing in popularity, slowly but surely. NFTs allow for digital scarcity and provable ownership of unique, one-of-a-kind assets. In this research piece, we will introduce you to non-fungible tokens and the different platforms where you can use and trade them. What is Fungibility? Before we delve into the intricacies of NFTs, it’s worth looking at the difference between “fungible” and “non-fungible.” A fungible item or token is, for all intents and purposes, interchangeable with another unit of the same thing. For example, one Bitcoin is equal to another Bitcoin, just like one US dollar is equivalent to another US dollar. If you lend your friend a $10 note, you wouldn’t need them to repay the loan with the same $10 note – any $10 note will do. Things that are non-fungible, on the other hand, are not interchangeable with one another, and have unique properties that can make them radically different from one another, even though they may look similar. There are many examples of non-fungible items in the real world, such as paintings, concert tickets, and so on. Although two paintings may look similar, they may have drastically different level of rarity. Similarly, front row tickets at a concert are much more valuable than tickets for the back row. Source: Crypto.com Research Crypto.com 5 5

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