NFT = Non Fungible Token
Non Fungible Token.
Difference between Fungible and Non-Fungible??
Fungibility is a term often used in finance, and it is to describe an item which and be interchanged with others as the items have equal value. Any commodity is fungible. A crate of apples, each apple has the same value. Bitcoin is fungible. 1 Bitcoin is equal to another Bitcoin.
Non Fungibility is used to describe items which are inherently unique. My favourite jacket. If i lend it to you, I expect THAT EXACT JACKET to be returned. You might buy me the same style jacket, but I will have sentimental value attached to the jacket which will make it unique to me. NFTs are UNIQUE TOKENS on a decentralised network.
Applying that as a use case provides for an interesting future for Crypto as Non-Fungible solutions can now be provided on a Blockchain. Think voting system, gaming assets, digital rights, deeds to property and anywhere in society where Non-Fungibility exists and chances are a solution for it will exist on a decentralised network in future.