• Non-fungible token
- Non-fungible is an economic term that you could use to describe things like your art furniture or your limited shoe. These things are not interchangeable with other items because it’s unique properties.
- NFT stands for non-fungible token like a specifically digital asset that represents physical objects like art, music, many items in games or videos, but digital form. NFT cannot be used to buy and sell other products at all. In addition to bringing the NFT out to sell itself.
- Cryptocurrency like Bitcoin is opposite to NFT because when your borrowed 1 Bitcoin from your friend when the time to refund you can find any Bitcoin to pay your friend back, but NFT is different.
• How NFT is specifically?
- Many NFTs are built on the Ethereum network using the ERC-721 and ERC-1155 standards. Token assets may already be unique assets such as games, collectibles, arts, artist reputation, or unique assets. This is the wonder of a digital asset because the assets model can be very diverse.
- NFT has benefits to both buyers and sellers of their work because in addition to easily making the trading of collectibles, art, rare items, etc. it’s also a new investment option where tokens can be traded for profit and increase their value.
- More importantly, if considering the security cost and storage, the digital assets holding can also lower cost than traditional investment.
In the future MegaMoon will create MegaMoon lottery NFT collection for benefits to holders.
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December 21, 2022
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