If we look back at history the concept of ownership never existed.

The future of non fungible tokens. Admin August 27 2021. The underlying technology of Non-Fungible tokens is revolutionary. Experts in the crypto business even predict that NFTs will be the entrance point for 40 of new crypto users.

That being said when an item is non-fungible. Non-fungible tokens have indivisible unique value. The difference though is that Bitcoin is fungible If you swap Bitcoin with someone you both still have the same asset.

Non-fungible tokens are unique value units that identify ownership. Elenabsl Shutterstock embedded content Behind Jeff Koons and David Hockney the most lucrative auction for a piece of art from a living artist happened in 2021and it was for a work that. Non-Fungible Tokens and the Future of Art.

The term non-fungible token refers to a token that is not fungible. Money is a good example of something fungible because we can easily replace one 10 bill with another. NFTs are minted then sold just like Bitcoin.

These NFTs are nothing but digital representations of an asset place or thing or any subject depicting complete ownership over the time. Non-Fungible Tokens hereafter referred to as NFTs are in layman terms digital blockchain tokens that indicate ownership andor particulars of unique objects notwithstanding whether the objects are digital or physical in nature. If you are an artist graphic designer animator or someone that spends a considerable amount.

They do not represent a mutually interchangeable product unlike bitcoin and other cryptocurrencies in cryptocurrencies case money. By Logan Kugler Communications of the ACM September 2021 Vol. You may think bitcoin at over 50000 is mad but the next wave of investor craziness seems about to engulf us in the form of non-fungible tokens or NFTs linked to the creative sector.