What is an NFT?

As mentioned, NFT is a short form of non-fungible token. The definition of “token” is the same as the definition of “token” in the ERC-20 token. A token is a representation of “something.” For example, ERC-20 tokens can represent digital currency or virtual money. As for NFT, there is “non-fungible” in NFT.

So what does “fungible” mean? When something is fungible, it means one token is as worthy as another token. For example, say you created 1000 ERC-20 tokens named XYZ. This means that any one particular XYZ token is as valuable as any other XYZ token.

If that confuses you, you can swap XYZ with US dollars. Let’s assume that I have USD 100 in my wallet and you have USD 100 in your wallet. My USD 100 is as valuable as your USD 100. In other words, USD is fungible. 1 USD has the same value as the other 1 USD.

Coming back to the NFT, the token in an NFT is non-fungible. 1 NFT token is...