NFT

An NFT is short for Non-Fungible Token... now let's take a look at what that is!

An NFT is a Non-Fungible token, which means it is a unique token that can not be directly interchangeable with another, as they may not hold the same value (as is the case with a fungible token or cryptocurrency token). NFT’s are important because they create digital scarcity, and allow us to create unique rewards that are tangible, owned by the users, and tradeable. NFT’s can have any sort of data we want attached to them, including images, video, text or a mixture of them, we could even assign 3D renders for use in the DuGut Virtual world. When discussing Non-Fungible Tokens (NFTs), “fungibility” refers to an object’s ability to be exchanged for another. For example, an individual dollar is considered fungible as we can trade dollars with one another. Artwork is usually deemed non-fungible as paintings, sculptures, or masterpieces are likely to be unequal in quality or value. A non-fungible token is a type of token that is a unique digital asset and has no equal token. This is in contrast to cryptocurrencies like ether that are fungible in nature.