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Non-fungible token (NFT)
- In economics, a fungible asset is like money - it is something with units that can be interchanged. With money, a $10 can be exchanged for two $5, and it still has the same value.
- If something is non-fungible, it has unique properties and cannot be interchanged with something else, such as a house, the Mona Lisa painting, etc. Non-fungible is a fancy word for unique
- NFTs are distinct assets in the digital world. They can be bought and sold like any other property, but they have no tangible form.
- The digital tokens are like certificates of ownership for virtual or physical assets.
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MORE IDEAS ON THIS
NTFs: Many are sceptical
Beeple (Mike Winkelmann) thinks there will be a bubble.
People selling the NFTs are "crypto-grifters", David Gerard, author of Attack of the 50-foot Blockchain, said. While some artists are doing great on this stuff, most people probably won't.
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How NFTs work
Traditional art is valuable because they are unique. But digital files can be duplicated.
With NFTs, artwork can be "tokenised" - a digital certificate of ownership that can be bought and sold. A record of who owns what is stored on a shared ledger known as...
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NFTs can be compared to autographed work
Nothing is stopping people from copying digital art. But the buyer of the NFT owns a "token" that proves they own the "original" work.
People are paying millions of dollars for tokens.
- On 19 February, an animated Gif of Nyan Cat sold for over $500,000.
- We...
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"Making money is art and working is art and good business is the best art." ~ Andy Warhol
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What is an NFT?
NFT stands for Non-fungible token.
- cannot be exchanged/replicated/replaced because they are unique.
- allows you to buy & sell ownership of unique digital assets.
What the heck is an NFT?
Non-fungible token.
That doesn’t make it any clearer.
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same t...
How NFTs work
Traditional art is valuable because they are unique. But digital files can be duplicated.
With NFTs, artwork can be "tokenised" - a digital certificate of ownership that can be bought and sold. A record of who owns what is stored on a shared ledger known as...
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