NFTs are cryptographic assets on a digital ledger called the blockchain.

How much is a non fungible token worth. A non-fungible token is a type of token often tied to some kind of artwork or digital good or collectible that can be bought stored resold and no other tokens will exist that are exactly the same. The acronym of Non-fungible Token is NFT. Non-fungible is an economic term that you could use to describe things like your furniture a song file or your computer.

Cryptocurrencies like real currency are fungible meaning they can be sold or exchanged for one another. Each represents a specific seat and a specific date no other ticket will have those exact characteristics. What Is The Non-Fungible Token Standard For Ethereum.

At this point you might be wondering what is a NFT and whether its even a real thing. Even if every Radiohead ticket is the same price they arent directly exchangeable. Fungible items on the other hand can be exchanged because their value defines them rather than their unique properties.

Lets leave this debate with this last basically if you where to purchase a NFT Property from say a specific artist you would own that piece of property there would be proof on the blockchain that you own that property and nobody else can claim ownership of it. Tokens on the Bitcoin blockchain are unique but they are also worth just as much as any other token on the blockchain. Fungible and Non-Fungible Tokens.

Select the number of NFTs from the drop-down and click on mint The price of each NFT is usually specified along with the maximum number of NFTs you can mint per transaction. Fungible tokens standard interface is done on ERC-20 and for a non-fungible token NFT ERC-721 is used. However like cryptocurrencies you cannot trade or exchange them equivalently.

This makes them different from fungible tokens like. Cryptocurrencies are ideal for. In economics a fungible asset is something with units that can be exchanged without changing its value like money.