Pleasant greetings to all members of this great community, I'm happy to participate in this contest in which I will be writing on what NFTs are.
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Using your own words to define non-fungible tokens: NFT, and to show the difference between fungible and non-fungible tokens.

NFT can be easily decipher from what it stands for non-fungible token. Fungibility refers to asset's individual units that are interchangeable and indistinguishable from each other. take for example fiat currencies are fungible because each individual unit is interchangeable with any other equivalent individual unit. A 20 naira note can be interchangeable with any other genuine twenty-naira note. currency possess fungibility property which enables free exchange.

Let's take for example If we could possibly create digital assets that is similar to bitcoin and add a unique identifier to each unit. This would make each of the new assets different from all the other units (i.e non-fungible). Essentially, this is what an NFT is all about.

NFTs which stands for non-fungible tokens, represents a unique, irreplaceable assets and limited in quantity that is built on blockchain. NFTs expands the trustless and digital scarcity concept unlike cryptocurrencies, where each token is equal.

show the difference between fungible and non-fungible tokens.

Like I explained earlier, one of the main difference between fungible and non-fungible tokens is the interchangeable and indistinguishable property.

Difference between fungible and non-fungible tokens are as follow:

📌 Fungible tokens are uniform and do not possess any unique value unlike Non-fungible tokens which have unique value.

📌 Fungible assets are interchangeable and can be exchange with any other assets of same value unlike Non-fungible tokens which are not interchangeable and can not be exchange with another NFT of the same kind.

📌 Fungible tokens store value while Non-fungible tokens store data.

📌 Fungible tokens are mainly built on its own blockchain while Non-fungible tokens are built on another blockchain.

📌 Fungible tokens are used as payment system while Non-fungible tokens are used for representing intellectual property, Artwork, music composition, Gaming, etc.

📌 Examples of fungible tokens are Bitcoin, Ethereum, Steem while examples of non-fungible tokens are Bored Ape, Hunted Goats, CryptoKitties NFTs.

Are NFTs interchangeable? What are the differences between an NFT and other currencies? Is there an NFT marketplace? And how to invest in NFTs?

Are NFTs interchangeable?

NFTs are not interchangeable as stated above. It is a type of cryptographic token built on a blockchain that represents a unique asset. It is a non-fungible tokens where each token possess a unique ID that makes it distinguishable from its same kind, which makes it impossible for it to be exchange with another NFT of the same kind.

What are the differences between an NFT and other currencies?

📌 NFT tokens are tokenized versions of real-world assets like arts, music, gaming etc while other currencies are mined on blockchain.

📌 NFT tokens are non-fungible while other currencies like Bitcoin are fungible.

📌 NFT tokens are not interchangeable while other currencies are interchangeable and exchangeable hence can be used as means of payment system.

📌 NFT tokens are not equal it is unique while other currencies are equal.

Is there an NFT marketplace?

Yes of course, there are many NFTs marketplace. NFTs marketplace is a place where you participate in buying and selling of digital assets, NFTs to be precise.

Examples of Top NFTs marketplace are listed below:
• OpenSea: OpenSea is the world's first and largest NFT marketplace

• Axie Marketplace

• NBA Top Shot Marketplace

• Rarible

And how to invest in NFTs?

NFT is a new innovations in Blockchain technology and investors and crypto expert are rushing into it every day because of its profitable economic value. Below are few guides to follow for investing in blockchain.

✅ 1.) The first thing is to make research on NFTs that are available. There are many ways to make
research on available NFTs, the one I'm conversant is Twitter. I personally get news on trending NFTs on blue bird app. Another means to make research is online website you can check available NFTs on website even in the NFTs marketplace listed above some website like Rarity.tools

while making your choice of NFTs don't forget to look out for the following:

📌 Make sure the team- behind the project is a reputable team this is necessary because Investing in NFTs is risky as you do not know the history of the team on which you can base your decision. Sometimes a new team without history at all can be hype by media for selling of NFTs.

📌 Confirm if it is on-chain or off-chain The difference is on-chain owns it server while off-chain uses centralized servers this can result to lost of assets if the server goes down. which is one of the reason to invest with a reputable team.

✅ 2.) Own a crypto asset that is sufficient to purchase your desired NFT. Ethereum is the most used cryptocurrency for purchasing of NFTs though not always Ethereum is used in most cases. I once bought one on binance using BNB token. Basically cryptocurreny is your trading token to own an NFT(s) assets.

✅ 3.) The last step is to select a Marketplace to Purchase your NFT I gave examples of Top Marketplace like OpenSea,OpenSea is the world's first and largest NFT marketplace, Rarible and so on. Where you can purchase your NFTs assets. visit the site connect the recommended wallet and go on with your purchase. Have it at the back of your mind that you must hold enough cryptocurreny assets to successfully purchase an NFT as the gas fee is high.

How to create a new NFT and is it possible to have an NFT stolen? And why use a distributed file system like IPFS in this area?

HOW TO CREATE A NEW NFT.

I will be using world's first and most popular NFT marketplace to show step by step process to create a new NFT.

• Visit OpenSea

• Select "create" icon as shown be in the image below

• Select your preferred wallet to connect. I will be using Metamask note that this is the wallet that your NFT will be stored.

• You need to allow the connection on your selected wallet by singing the transaction and then connect as shown below

• Select your desired artwork or free image to use as your NFT, fill all necessary description in box like name etc and select create

• Finally my NFT is created

is it possible to have an NFT stolen?

Yes it is possible to have one's NFT stolen if the wallet in which it is stored is bridge by hackers. I have not personally witness a case where an NFT is stolen unless a third party have access to the key that can open the wallet. I guess one have to secure your his/her private keys and be mindful of the site we connect our wallet to avoid loss of assets.

And why use a distributed file system like IPFS in this area?

IPFS which stands for InterPlanetary File System is a great fit for storing of NFTs. Over the time it is believed that NFTs are forever stored on a blockchain. Most times, due to the cost and limited space available for storing data on a blockchain, only the ownership record is actually stored, with metadata (A set of data providing information about other data) linking to the actual content of the NFT.

Normally, in the real sense when you purchase an NFT users seems to assume it is an artwork or an image file. which is not exactly like that. What you're purchasing is actually a little bit of code that references a piece of media located or stored somewhere else on the internet.

This is where the problems begin. Most times the referencing links are fragile since you need a link to direct to the actual content of the NFT. When the links are fragile it therefore direct user to a specific location using HTTP protocol instead of the actual asset.

IPFS therefore provides help by enabling linking of NFT data which ensures permanence and accessibility of data stored on the network. It uses the concept of IPFS content identifiers (CIDS), It's are robust and flexible method to uniquely identify any content, no matter how or where it is stored based on a fingerprint of the content itself. IPFS CID linked to an NFT will make it point to its actual content.

IPFS plays an important role in maintaining the Permanence without being altered and accessibility of NFTs stored.

How are NFTs used in art, video games and collectible card games? And how are NFTs revolutionizing property titles?

How are NFTs used in art, video games and collectible card games?

📌 In Art,
The inception of NFTs started with art and it's currently the most popular type of NFTs.

Before the inception of NFTs, artist do not have authority over their artwork especially digital form, but the inception of NFTs gave creators the opportunity to automatically assume complete and concrete ownership over a digital file or artwork. The NFT art created is then minted or tokenized on the cryptocurrency service, Blockchain. NFT has helped digital artist to gain more formal recognition and generate more income also their work is legally protected from fraudulent minting or selling.

📌 video games and collectible card games.

Apart from NFT being crypto-collectibles it is fascinating how NFT is implemented in games. instead of conventional way of playing games just for fun. An NFT gamer will have to acquire or purchase an avatar that is represented within the video game to compete and interact with other players, So you play with the aim of finding digital items that might be NFTs or cards. Players can now exchange them for profit once they accumulate enough NFTs

Another innovation of NFTs in games is play-to-earn model where players have the possibility being rewarded with tokens and occasionally NFTs, and they get to earn more by playing for a longer period.

How are NFTs revolutionizing property titles?

The invention of NFTs is revolutionizing titles and property because it is strongly supported by cryptocurrency and backed by blockchain.

NFTs have made its way to many industries like real estate where buyers prefer a transparent and one time click for transaction. Also in music art where listeners gets rewarded for streaming.

Creators strongly believe their artwork is authentic and immutable, they have total authority and unique ownership.

NFTs have open main stream opportunity for creative artist and painters to get the full credit they deserve for their artwork.

How are NFTs regulated? And what are the solutions to the limits of NFT development?

How are NFTs regulated.

Currently, there are no regulations as regards. This is a major concern for creators and investors as there is no legal protection for investors with their tokens. No regulations to monitor moderate pricing of NFTs by artist as they decide any price they wish for NFTs that doesn't worth it. Some way similar to regulations issues faced by cryptocurrencies.

And what are the solutions to the limits of NFT development

📌 The asset is not stored on the blockchain, the most popular chain for NFTs is the Ethereum blockchain, so it is badly design that it makes it too expensive or impossible to store the actual asset due to the size of the block and transaction fees. This was resolved by including a link to the actual file but sadly the URL won't last forever even if the Ethereum blockchain exist forever. There can be possible incursion where multiple NFTs can reference the same URL and the cost of checking if a link reference multiple asset is high which possibly mean that an NFT of same asset could be minted twice.

📌 High gas fees:
High gas fees is one of the factors limiting the development of NFT among people. Take for example an object that requires $30 to mint may sum up to $65 after minting which is a ridiculous high gas fees. I believe NFTs will development and have higher adoption rate by the general public if the gas fees required for minting can be lowered.

📌 Regulations:
Investors are liable to loss their token because there no legal regulations that protects the interest of investors as some creators over price the actual worth of some token also some creators can decide to shutdown anytime has most of them are anonymous and have no history. I strongly believe if there's proper regulations will control the over pricing by investors and as well protect the interest of investors.

CONCLUSION
NFTs have become very popular during the pandemic, many expert believe it's an innovation that won't last because of the high volatility in the price of the assets take for in April 2021 30 days sales reached a high of $64 million and fell to $832 thousand by March 2022.

I would like to use this medium to humbly invite my friends @olawole111, @bolaji01, @ojerindejoel, to participate in this interesting contest.