In the crypto world, Non-fungible tokens (NFTs) have been gaining popularity recently. NFTs are used to represent unique digital assets. They can be made out of anything, including virtual cats! In this article, you will learn to understand what NFTs are, how they are used in the blockchain space and how to get started with them.

1. What are NFTs?

The term ‘fungible’ refers to a class of assets that are indistinguishable from one another. The good example of fungible assets is money, where each dollar bill has the same value as the next. On the other

hand, an asset that is not fungible can be distinguished from another such as a unique work of art. A non-fungible token is an asset that is unique and distinguishable from another.

NFTs are a type of asset that cannot be exchanged for another asset of the same kind. They are unique and can only be exchanged for other tokens or cryptocurrencies. Think of them as trading cards, each one with its own history, attributes and value.

2. Impact of blockchain on NFTs

There are several ways that blockchain can be used to create a new asset class of collectibles. The first is that it can be used to create non-fungible tokens. One of the examples of this is Cryptokitties. Cryptokitties is a game that allows users to buy, collect and breed digital cats.

The creation of an NFT often involves the use of smart contracts on the blockchain. The smart contracts allow the creator to define all the rules of ownership and value. These rules are then encoded into each token. In the case of Cryptokitties, each cat has its own set of attributes that determine its uniqueness.

3. Invest in NFTs

Investing in NFTs is not a simple task. You have to find the correct platform and get the correct information about each asset. If you are looking for a platform that will help you take advantage of everything that blockchain technology has to offer, then we recommend that you check out Opensea or NFT.shop. These are two platforms that allow people to invest in NFTs.