The rate of NFT creation as well as rate of sale is rising rapidlyWhat does it mean for something to be non-fungible.

Who created non fungible tokens. Non-fungible is an economic term that you could use to describe things like your furniture a song file or your computer. In this way satoshi smallest portion of bitcoin could represent any asset you can imagine. Theyre a type of cryptocurrency token.

This opened many peoples eyes to the potential of non-fungible tokens. For example a 1 bill can be substituted for another 1 bill or for four quarters or a hundred pennies. Axiom Zen then spun out a company called Dapper Labs which secured 15 million dollars in.

The first Non Fungible Token was created by Witek Radomski the co-founder of Enjin Coin when he wrote the code for the first coin back in June 2017. Non-fungible tokens are distinctive or uncommon digital property. NFTs can be used to represent any type of real or intangible item.

ERC-721 was officially created in January 2018 with the purpose of providing a simplified and standardized set of rules regarding how non-fungible tokens functioned on the Ethereum blockchain. For example ETH or dollars are fungible. An item is fungible when it can be easily exchanged for commonly accepted equivalents.

They have gained significant traction. They can also be rare or scarce meaning. Proponents of NFTs believe that they will change the face of digital content.

Non-Fungible Tokens NFTs are digital assets that are either unique or rare. What is a Non-Fungible Token NFT. Combined with the earlier adoption of the aforementioned CryptoKitties and Cryptopunks ERC-721 made Ethereum the go-to blockchain network for non-fungible token development.