What Is a Non-Fungible Token (NFT)?
Introduction NTFs are exploding in popularity. In the music field, the Kings of Leon releasing an NFT-only album. In the social media field, Jack Dorsey's first Twitter Sellin for nearly $3 million. But what is a NTF? A non-Fungible Token is a virtual asset based on blockchain technology, representing something unique and collectible. In order to better understand NFT, you can start with the word fungible. Fungible means something that something can be exchanged or replaced, and has the same value in the exchange process. Fungible assets include interchangeable assets such as dollars, gold, oil, and Bitcoin. For instance, if someone lends you $10 in cash and you return two $5 banknotes, the transaction is acceptable as the items in the transaction hold the same total value. Therefore, by contrast, non-fungible represents something irreplaceable and has unique properties that make it different from other things, such as painting, video game skins, or a crypto kitty which is the fir...