A fungible good is one that can be exchanged, distributed, sold, redeemed... and its value will remain the same. A non-fungible good (NFT) could be compared to a work of art, it is not phone number details usa equivalent to another, it is unique, it cannot be replaced. This is why NFTs are attached to digital works, products or illustrations, which makes them unique, and they are incredibly rare, which increases their exclusivity. Cryptocurrencies, however, are fungible goods.
Both methods work in the same way: a network of decentralized systems with encrypted blocks that are resistant to data modification . What makes the difference in NFTs is that they are assigned a certificate of authenticity that records the value of their item, author, all the transactions made with it, and guarantees its exclusivity, which makes them more valuable and expensive than cryptocurrencies.
The beginning of brands in the metaverse
Major brands are already entering the metaverse . For example, Dolce & Gabbana has already sold a collection worth $6 million in cryptocurrency, which included both physical products and NFTs.
