You’re forgiven if the numbers of new abbreviations people are supposed to be familiar with these days is a little much for you. Adding to all of this is the fact that emerging technologies are increasingly front and center in our lives, and many of these abbreviations apply to these technologies. Such is the case for something you may have heard a lot of buzz about lately – NFTs. One big-ticket news item these days is cryptocurrency, and while nearly everyone will have heard of Bitcoin there’s other that are also claiming similar fanfare and go by abbreviations themselves – XRP being a good example. The reason we mention those two is there’s a connection between them and NFTs. That being that all three of them are ‘tokens’ that exist only in digital form. But that’s where the similarities end for the large part, and from there NFTs become a lot more unique and a lot more intriguing. At least for most people, and that’s likely a fair thing to say. All of this stuff tends to interest people like those of us here at 4GoodHosting, as being a good Canadian web hosting service provider has us in the front row for observing all of the newest developments in the digital world. It tends to be interesting stuff, and NFTs in particular are really something that even the most digitally illiterate person may take an interest in just because of their newness and uniqueness. We figure it’s worthy of a topic of discussion for the blog this week, so here goes. A Mutual Exchange NFT stands for Non-Fungible Token. Right, you’re also forgiven if you have absolutely no ide what the word fungible means, so let’s get to that without delay. ‘Fungible’ is the most uncommon of terms, but it is an adjective that means whatever it is describing can be mutually exchanged. To add to that somewhat, it means that two parties can exchanged whatever good it is we’re talking about, and neither of them gain value by doing so. So non-fungible would then suggest that there IS value to be gained in the exchange of what it is...
