However like cryptocurrencies you cannot trade or exchange them equivalently.

What are non fungible tokens used for. NFT systems can be used for simpler KYC verifications where instead of using paper documents to prove an individuals identity a non-fungible token can be used to represent and verify a particular person. Again ERC-721 tackles this exact property. A non-fungible token is one that cannot be exchanged for something else.

Real-estate NFT tokens can be used in real-estate here the ownership of properties lands houses etc can be recorded in an NFT token. Non-fungible tokens are thus not interchangeable. For that reason non-fungible tokens solve the interchangeability problem.

A non-fungible token NFT is a special type of cryptographic token which represents something unique. With cryptocurrencies such as Bitcoin being used to transfer monetary value NFTs are. In the world of fantasy sports non-fungible tokens can represent certain players or certain assets that can be traded within the.

The record of their existence lives on blockchains they can be bought and sold using cryptocurrency and there isnt necessarily a. Understanding NFTs Cryptocurrencies like real currency are fungible meaning they can be sold or exchanged for one another. Non-fungible tokens or NFTs are digital assets that are indivisible and provably unique.

This is in contrast to cryptocurrencies like Bitcoin on lightning and many network or. Non-fungible token doesnt mean it can be sold. They can be used to represent both tangible and intangible items.

Just like in the real world no two assets can exhibit similar characteristics or value similarly each tokenized asset on the blockchain has unique characteristics. Similarly you can say the same thing for OmiseGO tokens they are fungible. They contain identifying information recorded in smart contracts Blockchain and cant be duplicated or divided.