NFTs: The Simplest Explanation You’ll Ever Read | Hacker Noon

in hive-116221 •  last year  (edited)

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Our synopsis of this article: 

Similar to a commodity like rice or oil, cryptocurrencies are fungible, meaning they are alike and a cryptocurrency (eg., a bitcoin) can be exchanged with another cryptocurrencies of the same type (eg., another bitcoin). In contrast, NFTs are non-fungible. They are each unique in themselves. It is like polished gems, each is unique in itself with its own characteristics and inclusions, if any. Their uniqueness gives them the qualities of rarity and uniqueness, which are what collectors' desire and look for. 

There are plenty of articles online explaining what NFTs are and some like this one, does quite a good job of it in a technical sense. 

But if you are looking for an extremely simple practical explanation that even teenagers can understand then probably the article being shared here is a good choice. 

Check it out here

 



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