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The abbreviation NFT stands for Non Fungible Token. But that’s just a definition and doesn’t tell you what it is. An NFT is a smart contract which is a smart contract that is unique and is not a duplicate of any other smart contract. NFT themselves can be single NFTs in a collection or multiple NFTs in a collection.
What’s The Difference Between Fungible Token vs Non Fungible Token?
The difference between a Fungible Token and a Non Fungible Token is that a fungible token can be divided into smaller parts and still carry all the character traits of the original unit and can be replaced by another identical item. A good example would be the difference between Bitcoin or Ethereum and a piece of art or a house. While Ethereum can be divided and still be similar and usable like the whole, if a house is divided it’s nothing like the sum of its parts. You also can’t exchange one house for another because no two are the same.