NFT stands for “Non Fungible Token”. Fungibility is a property strictly related to the concept of money, as it is the ability of an asset to be interchanged with other individual assets of the same type. Fiat currencies are fungible, as well as Bitcoin and the other crypto currencies, to some extent, as every banknote or satoshi is equally valid and interchangeable with each other.
NFTs are tokens deployed on the blockchain as the other crypto, but what makes them special is the capability of storing unique characteristics that make them all different from each other and, therefore, non fungible. Thanks to this characteristic, NFTs can represent anything, from digital art to virtual real estate, and their ownership is easily demonstrable thanks to the blockchain they rely on.
The idea of NFT was being studied even before Etherum was even born, in 2014, when some cryptographers were studying how to describe a class of methods for representing and managing real-world assets on the blockchain in an experiment known as “Colored Coins”. In the following years, the adoption of NFTs grew as new token standards made it easier for developers to deploy their pieces of art or anything that requires the characteristics of a NFT. The market then boomed in 2021, as tens of blockchains, thousands of companies and millions of individuals realized their interpretation of how NFTs should be done.
Eidoo embraces NFTs, and has integrated them in its app, click here to discover how to manage them. You can store, visualize, analyze, send and receive NFTs laying on all the supported blockchains.