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What Is A Non-Fungible Token?

In economics, a fungible asset is something with units that can be readily interchanged like money. However, if something is non-fungible, this is impossible – it means it has unique properties so it can't be interchanged with something else.

It can be a house or a unique painting. You can photograph a painting or purchase a print, but there will only be one original painting. You can easily create, distribute, and manage engaging token-based experiences with the help of professionals. 

NFTs are “unique” assets in the digital world that can be bought and sold like any other property, but have no tangible form. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.

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Digital tokens can be viewed as certificates of ownership for virtual or physical assets. Traditional works of art such as paintings are very valuable precisely because they are unique. But digital files can be duplicated easily and endlessly.

With NFT, artwork can be a “token” to create tradable digital certificates of ownership. As with cryptocurrencies, records of who owns what is stored in a shared ledger called the blockchain.

Records cannot be falsified because the book is maintained by thousands of computers around the world. NFTs can also contain smart contracts that could, for example, give contractors a share of all future token sales.