How brands are using NFTs
In less than a year, the acronym NFT has gone from WTF to BFF for brands. Non-fungible tokens are digital assets like bitcoin, only they’re unique and irreplaceable, like owning an original work of art online
Now, it may not get clear as water, but we are getting there.
First, the term “fungible” stands for something that can be exchanged for something of equal or similar value, this means that these are goods that you can trade for something of equal or similar value.
Okay, now we understand this part, but what happens when this item is “non-fungible? Well, this is the exciting part. A non-fungible token is something unique that can’t be exchanged for any equivalency. A CD from The Beatles is a fungible token, you pay for it and get your CD, but, the guitar that John Lenon used to play in its first concert is non-fungible, because it is unique, and there is no other guitar like this. If you want to see it, these tokens are like diamonds, which there are no other equal than the one you own.
And this word, “own”, is something we want to emphasize because once you buy an NFT you are the complete owner.