What is a Non-Fungible Token (NFT)?
Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. There are many kinds and applications of NFTs -but before we dive into the details, let’s learn about a key term – fungibility.
Fungible items like a dollar bill, gold – even cryptocurrencies like Bitcoin and Ethereum – can be substituted with one another without losing value. They are fungible.
Non-fungibility and NFTs
If something is non-fungible, it means that it cannot be replaced. It represents something unique in value – and that’s what an NFT is!
The token part of Non-Fungible Token refers to a digital certificate stored on a publicly verifiable distributed database, also known as a blockchain.
The information on this digital certificate, also known as a smart contract, makes each NFT unique. No two NFTs can be swapped, and this makes them non-fungible.

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