​​What are NFTs? NFT stands for Non-Fungible Tokens, Non-fung | Curiosity Tea

​​What are NFTs?

NFT stands for Non-Fungible Tokens, Non-fungible is an economic term that means an unique item without interchangeable value, for a digital artist this can be an unique piece of art, for a creator it can be a song file and for a manufacturer of software it can be a program file.

Fungible in economic terms stands for items that are non-unique and interchangeable for each other. For example currency, 1USD will buy you a chocolate, the value of the dollar bill is set and it is not unique, there are many 1 dollar bills and each bill will buy you a chocolate that costs 1USD.

NFT's transforms digital assets by adding a unique digital signature, that makes a blockchain based digital certificate like many cryptocurrencies. It secures digital assets from being copied, forged or shared as without the original digital signature, the authenticity and legitimacy of the original digital asset created will not be present.

An example, Imagine a photographer takes a photo of Mother Teresa, he digitizes it and buys a NFT token for this photograph, this photo is now secured as his unique digital asset, which means even though people can share this photograph on social media or use it as their wallpaper, they do not own the original creator signature for that digital asset, if someone wants to buy the original photograph, they will need to verify the NFT token and purchase it from the photographer.

NFTs have recently been in the news drawing a lot of celebrity attention and investors onto the blockchain network as collectors and enthusiasts flock to own the original digital asset made by creators all over the world.