What is an NFT?

NFTs are a hot topic these days. But what in the Web3 world is an NFT? The acronym stands for “non-fungible token,” which doesn’t exactly explain much!

A “fungible” (interchangeable) token would be something like a dollar bill. It doesn’t matter which crumpled or crisp bill you have; the value is the same and can be exchanged for any other dollar bill. In the world of crypto, one Bitcoin is valued the same as any other Bitcoin, so that’s also a fungible token.

A non-fungible token is something unique that has no equivalent, like a cruise ticket for a certain cabin on a certain date. As far as we know, cruise-goers aren’t referring to their tickets as NFTs but the term is being used for unique assets traded via the blockchain. Everything from digital art to concert backstage passes to club memberships can be NFTs. After an NFT is “minted” (made unique on the network), the buyer stores it in a crypto wallet which allows proof of ownership to be authenticated. This is the key aspect of this new Web3 technology that sets it apart from existing Web2 tools like ticketing systems, digital art e-commerce and more. Once the authentication process happens via a wallet, users can use their NFTs, sell them, and more.

We here at OP3N believe that the NFT space is on the verge of exploding and will soon be the mainstream way to buy collectibles, unlock perks, explore entertainment universes, and more. You don’t even need to own cryptocurrency to buy NFTs on OP3N; we make it easy to pay by credit card too. So take a cruise around our platform and discover some non-fungible dopeness!