1 What are non fungible tokens.

Non fungible tokens what is it. Each blockchain-based digital kitten is unique. Non-fungible tokens are thus not interchangeable. Non-fungible tokens or NFTs are cryptographic assets on blockchain with unique identification codes and.

The tokens thus cant be exchanged for another since many factors contribute to their value. On the flip side non-fungible tokens NFTs are designed to hold special value. Non-fungible tokens were introduced through the use of blockchain technology.

A non-fungible token or NFT is primarily a unit of data stored on a digital ledger that can be added to a digital file to certify its uniqueness. Non-Fungible Tokens are cryptographic assets on blockchain that are distinguished from each other with unique identification codes and metadata. For example for buying bitcoin its not necessary to buy one bitcoin.

In the context of digital assets non-fungible tokens are made possible by blockchain networks that support the creation of decentralized apps dapps through the deployment of smart contracts. Part of a concert ticket wouldnt be worth anything on its own and would not be redeemable. Non-fungible tokens are not divisible in the same way that you cannot send someone part of a concert ticket.

From art and music to tacos and toilet paper these digital assets are selling like 17th-century exotic Dutch tulips. Non-fungible tokens are immensely powerful tokens that allow flexible methods to represent non-fungible assets on a blockchain. They are not fungible.

CryptoKitties collectibles were some of the first non-fungible tokens. Note that it is based on the same digital ledger technology called blockchain that forms the foundation of cryptocurrencies such as Bitcoin and Ethereum. On the other hand Non-Fungible Tokens can not be exchangeable with the same type of tokens.