NFT stands for “non-fungible token,” but what does that mean?
Fungible means you can exchange one for one, like a dollar bill for another dollar bill, or four quarters. The value stays the same.
Non-fungible means one asset is not the same as another. They cannot be changed one for one. The Mona Lisa cannot be exchanged equally for the Statue of Liberty, though they are both artworks. Their values are unique and exclusive.
Therefore, NFTs are unique digital assets stored on a blockchain. They can be used to authenticate ownership of any form of digital or physical content, as well as track its transaction history. NFTs are decentralized, meaning no one institution owns and controls them; you are free to buy, sell, and trade them at will. The different blockchains have different properties and benefits.
At Crossmint, we make buying NFTs and participating in their communities and projects easy. With Crossmint, you don't need to know anything about crypto and don't need cryptocurrency or a crypto wallet at all!
Try out our demo to see how it works!
New to building NFT projects?
We build the necessary infrastructure for you to launch your NFT collections, from creating the NFTs with our Minting API (just one line of code) to enabling you to onboard Web2 users that do not have a wallet or crypto with our credit card checkout.
Find out more! View our documentation here.