NFT stands for non-fungible token.

What can non fungible tokens be used for. This is in contrast to cryptocurrencies like Bitcoin on lightning and many network or. Non-fungible tokens are thus not interchangeable. More and more reports would indicate that they can be used to launder money just like physical coins.

Fungible tokens standard interface is done on ERC-20 and for a non-fungible token NFT ERC-721 is used. They are used for the trading and exchange of digital assets. Understanding NFTs Cryptocurrencies like real currency are fungible meaning they can be sold or exchanged for one another.

Now it is possible to have special cards and art pieces thanks to the NFTs and blockchain. Real-estate NFT tokens can be used in real-estate here the ownership of properties lands houses etc can be recorded in an NFT token. NFT can be used to represent a collectible of any kind.

For example a banknote is fungible in that it can be exchanged for other banknotes carrying the same value however a plane ticket is non-fungible as it carries unique information and cannot be used in place of another passengers ticket. Current uses of Non-fungible Tokens. Gaming Many games are selling in-game real estate fashion items and lots more.

A non-fungible token is one that cannot be exchanged for something else. Here is an update on the subject. These things are not interchangeable for other items because they have unique properties.

Though certainly not the most palatable of terms non-fungibles are actually a pretty simple concept and can be used in a variety of cool and exciting ways to add and exchange value in our world. Today blockchain use has extended from P2P payment to supply chain IoT and now its popularly used to tokenize real-world assets. A non-fungible token is a digital asset that does not have fungibility meaning it is not interchangeable with any other.