Powered by ERC-721 an Ethereum-based indivisble smart contract a non-fungible token is a cryptographic token that is unique for individual intellectual property tracing Non-Fungible tokens are digital assets written on smart contracts.

Non fungible tokens what are they. They are like cryptocurrency wallets but instead of storing a wallet balance they store a unique asset. But you might be wondering what they even are and if you should get involved. There does remain some concerns about NFTs however.

One of the major characteristics of NFTs is that they can be traced back to the original creator. In this article we will cover everything about Non-Fungible tokens. A non-fungible item is unique.

They are called non-fungible tokens NFTs and they are adding a new chapter in the booming blockchain story. Every currency whether it is a crypto or a fiat needs fungibility if it wishes to be seen and used as a medium of exchange a unit of account or a store of value. And a non-fungible token NFT is a new type of digital asset that represents something unique.

What are non-fungible tokens and how are they similar or different to cryptocurrencies. What we will cover Fungibility. Non-fungible tokens or NFTs are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other.

For example a 10 bill can be converted into two five-dollar bills or 10 loonies. The recent appearance of non-fungible tokens has left many in the crypto world confused regarding what these tokens are and what do they do which is why we will now try to answer those questions. Today NFTs have been used to represent many things apart from artworks including items like digital collectibles in-game assets and music materials among others.

That means whether I give you 1 in a dollar bill four quarters or a Venmo transfer you still have 1. You can interchangeably trade them because theyre all the same. It refers to the ability of an asset to be exchanged or substituted with similar assets of the same value such as currency.