Finally, right? It will take just a minute of your time…
An NFT is a token that exists only once in the entire universe and cannot be forged.
The NFT owner is the only one who can transfer ownership to someone else.
NFT is a solution for the human need for distinguishable ownership of digital assets.
With NFT, no two “identical” digital objects are the same.
Up to this point in history, all copies of digital objects were identical, same as originals. Not any more. Now you can value seemingly same objects differently.
If you don’t care about unique ownership in the digital world, you don’t need NFT.
But maybe in some specific cases, our ego needs to own some digital property with provable ownership, right? In that case, the NFT eventually comes handy.
If you need wikipedia level of nerd explanation of NFT, here it is:
NFT is a special type of cryptographic token which represents something unique; NFTs are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens, that are fungible in nature.
