NFT stands for Non-Fungible Token. It is a token that cannot be substituted by another token. The best way to understand it is by comparing it to other types of tokens. ERC-20 tokens are fungible and can be exchanged with any other ERC-20 token on the Ethereum blockchain. NFTs are not fungible, so they cannot be substituted with another NFT on the blockchain. Fiver is a digital art service that offers several designs and can be customized to suit your needs.
NFTs have many use cases in the digital art industry, for example:
1) Cryptokitties:
Cryptokitties was one of the first games that used NFTs and became viral in December 2017 because of its popularity among crypto enthusiasts and investors as a speculative asset.
2) Decentraland:
Decentraland offers virtual real estate opportunities to people who want to buy land in a virtual world and earn income from renting their land out or developing it into something else like an amusement park or residential area.
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