Fungible Token and Non-Fungible Token (NFTs) simple guide and some fact and uses of NFTs

By Dipendra | DIPENDRA RATHORE | 14 Sep 2020

Hello friends !

In last post i wrote about difference between token, utility token, and security token, now in this post we gonna talk about mainly about Non-Fungible Token and its uses and some sold out NFTs

Let's start

Fungible Token

Fungible tokens are 

  • IDENTICAL :- Token of the same type are the identical to another same type of token, their identical specification are same like if 1 BTC is same like another 1 BTC
  • DIVISIBLE :- fungible Token are divisible into similar amount of other fungible asset like if you have 1 BTC you can divide it to other fungible Token like xrp, eth, usdt, with same amount
  • INTERCHANGEABLE :- A fungible Token can be interchanged to another same amount. Like if you have 100 USD it can be replaced by a 100 USD bill or other things which contains 100 USD worth

So fungible Token are all fiat and currency that can change into each other which contains same value or divisible into parts doesn't matter how many till value become similar ( in easy words)

Non-Fungible Token (NFTs)

Non-Fungible Token are unique, non-interchangeable, and non-divisible.

In simple word "A non-fungible token is a type of cryptographic token which has a uniqueness in compared to other Non-Fungible token and can not be spilt, or even it can not be interchanged into other Non-Fungible Token same type of it

And if you want to know in more simple word "you can prefer to a physical ticket which is same to other but different in number thus like are Non-Fungible token is !

Some known Uses

  • The primary use of this has been to recreate or enable the ownership of collectables,
  • A non-fungible token can be used to represent something unique, both in the digital world and in the real world.
  • securely customised in a way that other tokens can’t be
  • With the security of blockchain and the uniqueness of non-fungible tokens, trading anything represented by the token would be a much simpler and more efficient process. As a token
  • In game related items and other things purchasing etc.

NFTs Related facts

I am not getting words that how i start but i want to say that we had seen fungible Token rise and bull run now in 2020 we have seen DEFI's rise but i i think that now NFTs time about to come very soon earlier some NFTs shocked the crypto market by their value maybe you are aware of that. And if not then you gonna shock i am sure

Some most expensive NFTs sold till now
  • 1.

    Decentraland parcel - sold price - 1,000 ETH ($215,000 equivalent)

  • 2.

     A"CryptoKitty" sold price - 600 ETH ($170,000 equivalent)

  • 3. Official Formula "1-1-1" NFT  sold price - 415.9 ETH, ($120,000 equivalent)

  • 4. "Gods Unchained cards" sold price - 210 ETH ($31,000) and 143 ETH ($62,000), respectively (Two cards)

There is many more NFTs which sold in unbelievable price and shocked the crypto world many expert says that "NFTs boom time coming more fast than our expectations"

So collect the different types of NFTs from different types of blockchain based games and from other ways like coingecko's NFTs

Thank You

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