Its worth noting that NFTs can be used in many ways by.

Non fungible token how does it work. If you and I swap one-dollar bills neither of us is better or worse off. Its generally built using the same kind of programming as cryptocurrency like Bitcoin or Ethereum but. When Christies auctioned off an NFT for more than 69 million in March it propelled the concept squarely into the public.

Although Ethereum is a cryptocurrency like bitcoin or dogecoin the blockchain also supports these NFTs which store additional information that enables them to function differently than an ETH coin for example. What is NFT or Non-Fungible-Token. In NFTs a token is merely a certification of validity stored on a blockchain making the currency traceable and available to all.

A non-fungible token is a unique verifiable asset that exists only in the digital realm and can be purchased and sold like other property despite having no tangible form of its own. Non-fungible tokens are unique identifiable digital assets whose exchange between the creator and the buyer via the financial transaction of a cryptocurrency such as ethereum is logged for. The non-fungible token solves that problem.

Fungible refers to things that can be interchanged without gain or loss. But non-fungible tokens are very different from currency. Today non fungible tokens are in a manner of speaking one-of-a-kind trading cards.

What is an NFT token and how does it work. Non-fungible indicates something that cannot be interchanged with something else like Botticellis Birth of Venus say. If we swap equal amounts of bitcoins were likewise no better or worse off save for transaction fees.

Lets dive into more detail. So conversely if an asset is non-fungible this means it has unique properties that cannot be interchanged. Each token represents a specific asset from.