NFT’s (NON-FUNGIBLE TOKENS)
Non-Fungible Tokens or NFTs are another core decentralized use case built on blockchain. They are explained in clear terms, and they are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other. They are tokenized versions of an asset, digital, or otherwise cryptographically secured with unique features and data within the token's smart contract. The value of NFTs are limited to the platform they operate on and they do not represent an actual tangible asset.
To solve this dilemma, NCOG DeFi introduces NFTs to the network. NCOG NFTs will be cryptographic tokens that represent something unique. They won't be mutually interchangeable. For example, a USD 20 bill is identical to another USD 20 bill, not just in appearance but also value at any given point in time. When you borrow $20, you don't have to return the same note to him. This scenario is similar to the case in the cryptocurrency market too. One BTC token, for instance, is identical to another. When it comes to Non-Fungible Tokens, this changes. They are unique, like real-world assets such as rare stones, pieces of art, data and collector luxury items.
As a rule of thumb is, NCOG tokens will be indivisible like most other NFTs in the market.
Last updated