Tokens are a new phenomenon in the cryptocurrency world. As opposed to fiat currency, non-fungible ones can not be exchanged for cash. These are digital collectibles, not physical ones. These are also quite valuable. For example, Jack Dorse's first tweet sold for $2.9 million, making it the fifth-most expensive NFT ever sold. However, some believe that these digital collectibles are bad for the future of humanity.
Cryptocurrency is the first digital asset, but cryptocurrency is not. There are two types of non-fungible assets: fungible and non-fungible. A fungible token is one that can be split into several smaller ones, while a non-fungible one cannot be split. However, this does not mean that cryptocurrencies are bad for humanity if they are not in your hands.
- Why Non Fungible Tokens are a good thing for society? A non-fungible token is a form of currency. It is minted on the Ethereum blockchain, a network that gradually rose in popularity. The entry on the blockchain is unique to the work and acts as proof of ownership. The problem with NFTs is that they are not only bad for humanity, they're bad for the environment due to the amount of processing power used to power the servers that store them.