Before talking about NFTs and their use cases, let's first understand some terms in their simplest form. Fungible means it is replaceable by something similar. In contrast, non-fungible implies uniqueness and cannot be interchangeable under any circumstances.
What are non-fungible tokens?
Non-Fungible Tokens (NFTs) are digital certificates that prove ownership of digital assets, goods, tangible and intangible items, such as videos, arts, paintings, postcards, virtual real estate, and more. They have usage across several industries because of their unique characteristics, as stated below:
NFTs are popular in the following sectors:
In closing, the wide acceptance of NFTs is undoubtedly here to stay. They are distinct with signatures, indivisible, non-interchangeable, and more unique. Furthermore, statistics revealed that NFTs certainly have a long road ahead in their future, and their use cases would only increase in time.