NFT or Non-fungible Tokens. The Cryptocurrency Phenomenon
you’ve probably heard about non-fungible tokens (NFTs). are the latest cryptocurrency phenomenon to go mainstream. The NFT has become an internet euphoria that offers novel opportunities for creators, artists, and developers. One of the main reasons NFT has gotten so much attention is that NFTs represent an irreversible digital certificate of ownership for a specific asset. The second most important characteristic is its authenticity, Nonfungible tokens provide representation for real-world assets, and it is important to have authentic unique NFTs. With lots of projects and tokens, the NFT space is worth billions of dollars, making it a fast-growing cryptocurrency and blockchain landscape. NFTs aren’t just valuable economically. They’re also revolutionary when it comes to ownership and branding.
Now there is NFO or Non-Fungible Object, considered NFT 2.0, introduced by Luis Hernandez at the Metaliums project. NFO stands for non-fungible objects. These are collectible objects with unique properties, characteristics directly linked to their NFT digital representation. Each physical object has an embedded barcode pointing to its smart contract transaction.
NFTs/NFOs create scarcity, making properties more valuable. For example, the Metaliums collection has 100 200 NFT/NFO on its initial batch, and this scarcity means that whoever owns it belongs to an exclusive group. That’s just not it makes NFT/NFO more attractive to others, but also forces owners to show off.
What is NFO?
NFO stands for the non-fungible object. nonfungible means UNIQUE. Fungible refers to items or commodities that can be exchanged with other assets or commodities of the same type. An NFO is a unique physical asset that is not directly replaceable with another physical asset but in order to make an NFO, a barcode pointing to its NFT smart contract has to be embedded within the object itself” so an NFO is a new concept in the NFT space. Some experts consider NFO as the NFT 2.0 in the crypto space.
Luis Hernandez — Creator
The Metaliums project, creating NFO coins and physical assets.
Source: thecryptocoinreport.com
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