Difference between revisions of "Non-fungible tokens"

'''Non-fungible tokens''', more commonly known as NFTs, are cryptographic tokens on a blockchain with unique identification codes and metadata. They let people tokenize things like art collectibles, and real estate. They can only have one official owner at a time and because they are stored on the [https://en.wikipedia.org/wiki/Blockchain blockchain] their record of ownership can’t be altered. <ref name="two">Ethereum. (2022). Non-fungible tokens (NFT). Ethereum.Org. https://ethereum.org/en/nft/ </ref> Non-fungible is an economic term that is used to describe things that are not interchangeable for other items because they have unique properties. Fungible items however, can be exchanged for one another because they do not have unique properties.<ref name="two" /> Unlike [https://en.wikipedia.org/wiki/Cryptocurrency cryptocurrencies], which are fungible tokens, they can’t be traded or exchanged at equal value because each is unique. <ref name="one"> Non-Fungible Token (NFT). (2021, December 14). Investopedia. https://www.investopedia.com/non-fungible-tokens-nft-5115211 </ref>. It is impossible for one non-fungible token to be equal to another because each token is unique due to their metadata. NFTs can be used to represent real world items like artwork, real estate, and clothing. <ref name="one" />