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May 21, 2021Bitcoin Crash And The Crypto Bloodbath We’ve been here before
May 21, 2021
A Complete GuideNon-fungible tokens or NFT, as they are commonly abbreviated, are the newest sensations in the crypto space. The market value has grown to about $250 million. In the year 2020 alone, the investments in non -fungible tokens grew by about 299%. In 2021, an average of 30 days generates $1 billion in sales in NFT marketplaces.Considering how promising NFTs look in the future, NFT marketplace development would be a good place for anyone to invest in. In the oncoming lanes, we will look at the nuances of the NFT, the expectations to have out of the NFT marketplace development company, and how to build your own NFT marketplace.What is Fungibility?We have been talking a lot about non-fungible tokens, their market value, and their appeal. This brings us to the question of what these NFTs are and what exactly is the concept of fungibility.Fungibility is the capacity of an asset to be exchanged with another similar asset without compromising on its value. Indirectly, it means that there are representations of the same asset and it can be exchanged easily and without any ambiguity.The simplest example of a fungible asset is the fiat currency. The fungibility holds truer when the same currency or its sub currency, in any form of representation, can be interchanged without any hassle. For example, if you have a $100 bill, you can easily exchange it for another $100 bill or 100 coins of a dollar each or 10 $10 bills. In all these cases, the value does not change. In other words, it is not that the $100 bill that you parted with when you wanted to exchange has some uniqueness associated with it that stops you from exchanging it. The exchange also has not resulted in any loss of value.Defining NFTsA nonfungible token is…
