What You Don't Know About Non Fungible Tokens (NFTs) and Decentralized Finance (DeFi)

NFT stands for non-fungible tokens, one of the cryptographic types of tokens which represent ownership of digitally scarce goods. NFT tokens can be programmed, stored, and implemented on any blockchain which supports ERC-721 and ERC 1155 standards on the Ethereum (ETH) blockchain. Non-Fungible vs. fungible tokens are the characteristic of goods or commodities where each individual unit is interchangeable and indistinguishable from other goods. The value represented of the tokens is through market price and not solely its properties within the token.