Like other crypto traders and investors, I usually see someone who is always posting about NFT in some social media groups but I don't really know what it is or what it means. I search it on coinmarketcap but all I find is a coin with low rank and marketcap. I am looking that there will be someone who can enlighten me about NFT and how it works.
Have you read below conversation regarding NFT? At least give you an idea what are NFTs.
You can also get a better explanation in wiki -
https://en.wikipedia.org/wiki/Non-fungible_token. And right now, it is becoming like a hype, and everyone wants to create their own NFT. If you want to purchase one, better check its future value in the market and think, why would it be a valuable one? Not all NFTs are worth paying thousands of bucks or even millions of dollars.
Fungible tokens (FT) and Non Fungible Tokens (NFT) is't new idea but recently it has come to light with few new projects. Fungible is changeable or replaceable or interchangeable. Non Fungible is just opposite of Fungible. It is not interchangeable or replaceable. I still don't rely on this trend and i consider it's a new hype.
Many DeFi projects have recently released their own NFTs. I think this is almost like a game where you can collect an NFT and you will get benefits or profit when you hold it, like getting an airdrop or something else
Each NFT token is distinguishable to other token of same NFT project. It is basically perfect for online gaming and known as digital collectible in gaming world. Every new trend draws attention of the crypto lovers, hence NFT is playing same role. Holding or trading NFT tokens can be profitable before ending trend.