What is a Non-Fungible Token ( NFT)?

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Hotcoin2022-10-25 09:24

A non-fungible token (NFT) is a type of digital token that represents a unique asset. These can either be entirely digital assets or tokenized versions of real-world assets. As NFTs are not interchangeable, they function as proof of authenticity and ownership within the digital realm.

Fungibility means that an asset’s individual units are interchangeable and essentially indistinguishable from each other. For instance, each unit of fiat currency is interchangeable with other equivalent units and therefore has interchangeability. A ten-dollar bill can be exchanged with any other ten one-dollar bills , but they have the same validity. This is an important and indispensable attribute of money as a medium of exchange. Fungibility is a desirable property for currency because it enables free exchange, and theoretically, there is no way to know the history of each individual unit. However, that isn’t a beneficial trait for collectible items.

What if we could create digital assets similar to bitcoin but instead add a unique identifier to each unit? This would make each of them different from all the other units (i.e., non-fungible) and thereby open up a wide array of new use cases. Essentially, this is what an NFT is.

Hotcoin NFT Marketplace

The Hotcoin NFT Marketplace brings together game players, creators, and crypto enthusiasts on a single platform to create and trade NFTs. The platform features 3 product lines:

NFT Marketplace: Mint, sell, bid, and purchase NFTs from creators around the world.

IGO Cryptos: Subscribe premium game tokens issued by leading global gaming projects.

IGO Mystery Boxes: Subscribe mystery boxes of Tier-one sales. Each Mystery Box is guaranteed to have one random NFT inside. Open for a chance to win a Normal (N), Rare (R), Super Rare (SR), Super Super Rare (SSR) NFT, or Ultra Rare (UR).

Please note that purchased Mystery Boxes cannot be returned for any reason, but you can trade the unopened Mystery Box or the NFT it contains after opening the Box on the Hotcoin NFT Marketplace.