WHAT IS AN NFT?

DEFINITION

First, here is an explanation of the difference between a fungible asset and a non-fungible asset:

Fungible

 

In simple terms, fungibility refers to something replaceable or exchangeable. An asset or a good (ex- Gold or Silver) is a fungible asset if you can replace or exchange one part of it with another indistinguishable part. 

You can also consider fungible goods as common items that are not very rare, unique, or collectible.

Non-fungible

 

It is exactly the opposite of fungible i.e. something unique and irreplaceable. An autographed book or a rare old coin is non-fungible as they both can’t be easily replaced. Consider non-fungible goods as rare and unique items.

NFT Collectables

 

Like any other non-fungible asset a non-fungible token or NFTs are basically something unique and irreplaceable.

NFT platforms like Foundation and OpenSea, allow you to buy and sell ownership of unique digital items. NFTs are basically blockchain tokens representing a unique digital item. NFTs can represent almost anything like art, graphics, music, videos, images, etc.

NFT Investment and Collection

 

When you bid on an NFT (even if you don't end up buying it) you are captured in a digital ledger. Unlike traditional auctions, where bidders are forgotten, the blockchain records your role and establishes your presence. When you place a bid on Omar's premier NFT you don't just bid on a piece of music history - you become part of that history. 

The Omar Lyefook NFT Legacy Collection

 

Omar is a solid investment. Please take a closer look at this ultra-rare NFT. It took 4 months to create and unlocks a 27 year old unreleased track. "My baby Says" was a 1 minuet teaser on Omar's 1994 For Pleasure album. The full version was held back. Until now.

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