Example Of Non Fungible Token

CryptoKitties a golden use case of NFTs. The token by itself has no value. In theory the scope for NFTs is anything that is unique that needs provable ownership.

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What Is A Non Fungible Token Nfts Explained In Simple Terms

You can exchange it for another 5 or five 1.

Example of non fungible token. An NFT has unique characteristics which means that it can not be replaced or exchanged for an identical token. If you send your car to the mechanic and the mechanic gives you another car to use that is in a better condition you will be happy. Here are some examples of NFTs that exist today to help you get the idea.

The world of Non-Fungible Tokens NFTs offers a golden opportunity for entrepreneurs to maximize the traction of their business. What are Non-Fungible Tokens. If the car is in a worse condition you will be unhappy.

Money and company shares are the usual examples of fungible tokens. A unique digital artwork. In contrast tokens can be either fungible or non-fungible.

The blockchains open marketplace style helps non-fungible tokens to be transferred in marketplaces. It is one of a kind in the world. Non-Fungible goods on the other hand are goods or commodities that are unique and can not be replaced.

But lets step back and consider the bigger picture. The first example of Non-Fungible Tokens was through a project called CRYPTOPUNKS. For example CryptoKitties where a single non-fungible cat sticker sold for 140000 in 2018.

ERC-721 tokens are the most common example of non-fungible tokens. Example in auctions or placed for sale in exchange for cryptocurrency. Fungible tokens represent currencies or digital assets that can be exchanged for other tokens at the same price and still hold the same value a good example is FIAT currency or Bitcoin.