Other examples include gaming characters digital identities and certificates.

What are non-fungible tokens or nfts. A Non-Fungible Token NFT proves ownership of a digital asset Unlike fungible crypto coins which are identical and worth the same NFTs are unique. A non-fungible token NFT is a type of cryptographic token that refers to a specific object on a blockchain. NFTs can represent artwork collectibles memorabilia and personal data.

Non-fungible tokens are tokens that are non-fungible meaning that they are unique and cannot be replaced. Examples of digital items include digitized documents and digital files images and other media files such as audio or music and videos and digital artworks among others. What are NFTs.

However you cannot readily exchange a unique non-fungible asset for something equivalent. However every Small Love Potion you earn while playing that game is a fungible token. Recently British auction house Christies closed the sale of an NFT by digital artist Beeple for 69.

An NFT is worth what someone is willing to pay for it which can be a lot if the NFT is made by a famous artist and the buyer is a wealthy collector. Likewise if you lend an NFT token to your friend youd want your friend to repay the same NFT token and not a different NFT token. You see I really believe accounting and finance professionals have a deep understanding of financial data taxes audit and money matters and there is nobody who can understand this better than them well you.

Non-fungible goods are irreplaceable unique and limited in quantity. Remember the example of you lending your car to your friend. For example every Axie Infinity creature called an Axie is an unique non-fungible token on the blockchain.

NFT games can have a hot potato effect. Any real-world assets that are classified as non-fungible can be digitally represented by non-fungible tokens and encoded with. Non-fungible tokens NFTs are the latest blockchain trend and acronym to flood headlines.