What are Non-Fungible Tokens? – DevTeam.Space [Video]

Non-fungible tokens (NFTs) are cryptographic tokens created using blockchain technology. They have distinct characteristics. NFTs have several use cases, and they have a growing market.

The similarities of NFTs with other cryptocurrencies or crypto tokens

NFTs have many similarities with other crypto tokens or cryptocurrencies. They are created on a decentralized blockchain like Ethereum.

Creators of these cryptographic assets use established cryptographic standards to build them. They use the protocol program of a decentralized blockchain network to make NFTs available to everyone interested in them. One can trade NFTs and store them in crypto wallets.

The distinct characteristics of NFTs

NFTs have two distinct characteristics that set them apart from other cryptocurrencies. Firstly, each NFT is unique. One Bitcoin is exactly the same as another Bitcoin, which is also true for Ether, Litecoin, etc. However, no one NFT is equivalent to another.

The second unique characteristic of NFTs is their indivisibility. You can use a …