Difference Between FT and NFT
Difference Between FT and NFT
The NFT stands for Non-Fungible Token. Fungible assets are ones that can readily be exchanged – like money – in economics.
Money can be exchanged for two $5 notes to add the same value to a $10 note. However, if something is non-fungible, it cannot be exchanged for something else – it means it has its own properties so can never be interchanged with another thing.
It could be a house, or a painting like the Mona Lisa, which has to be seen to be appreciated. You can take a picture of the painting or buy a copy but there will always be one original painting.
It is a digital currency that is unique, and it can be purchased and sold like any other asset in the digital world, but it has no recognizable physical form.
You can think of digital tokens as certificates of ownership for virtual or physical assets.
Difference Between FT and NFT…
How do NFTs work?
Its blockchain has integrated a few NFTs, which are different from the rest of Ethereum in that they are cryptocurrency, similar to bitcoin or dogecoin, though they store a bit more information than usual making them function differently in the blockchain.
Blockchain technology potential goes beyond cryptocurrencies. NFT will allow people and companies to store real-world information including identity documents, certificates, and real estate information for people and businesses to leverage.
This is currently what is causing a lot of buzzes. Imagine having your diploma issued on the blockchain as a digital document widely recognized worldwide — no need for it to be translated, notarized, or verified.
While everyone talks about this, how can this actually be achieved? Non-fungible tokens make this possible and we believe they will become the future of the blockchain economy.
Let us look at the difference between current fungible tokens, or simply put Cryptocurrencies, and future non-fungible tokens or Digital certificates
With its features, such as immutability and security, blockchain is unquestionably the right technology for managing digital assets of all kinds.
Since fungible tokens, which have been mainly used on the blockchain to date, can be etched with no unique information, this could never be achieved.
It would seem that there are numerous types of blockchain-based tokens. However, they fall broadly into two categories, namely:
An asset with equal value is a fungible token. For example, the native token on Cardano is a fungible token, because each ada is worth the same amount as the other.
Tokens known as stablecoins, such as those pegged to a national currency, are also fungible. Fungible tokens often function like fiat currency or are pegged to some asset’s price, such as an ounce of gold.
Non-fungible tokens (NFTs) :
Even though assets have the same type, they are not all of the same value. Non-fungible tokens, often referred to as Non-fungible Tokens (NFT), ensure that each token is different, with unique characteristics.
We can use a painting as an example. Surface, It appears the same as another painting. However we know that a Van Gogh is intrinsically more valuable than any amateur piece, and this important asset can just as easily be coded into an NFT to reflect these differences.
Social NFTs give anyone who has a social media platform a chance to create and sell NFTs from their everyday post. You can sell a clip of your story, a meme, a selfie, or a piece of art you created. No programming knowledge needed, we do the hard part while you do the easy part.
Buy Social NFT’s of your favourite social media personalities, your favourite artists, celebrities, tattoo artists, photographers and own some of the awesome items they have created. You can display your collection on your SOCIAL Book or sell them when the value increases.
Create, Buy & Sell on the Social NFT Marketplace