The artist Beeple’s work “Everydays: The First 5000 Days” was auctioned at the auction house Christie’s on February 25th. The work was auctioned at an initial price of $100 and finally sold for $69,346,250, and this work is an NFT, so what is NFT?
NFT, that is “Non-Fungible Token”, while what we are familiar with FT (Fungible-Token).
Fungible-Token: Alternative token/homogeneous token, which means tokens are standardized and can be substituted for each other and split. Fungible-Token means the same characteristics and values such as Bitcoin, Ethereum, and USDT.
Non-Fungible Token: Each NFT has a unique serial number on its special regional block network. NFT has the characteristics of non-divisible, irreplaceable, and non-standardized.
NFT application scenarios: Due to its technical characteristics, NFT has a great possibility to become an excellent carrier for digital art, collectibles, tickets, and games, and may even be used as proof of physical assets in the future.