LeoGlossary: Non-Fungible Token (NFT)

5 mo (edited)
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A special type of cryptocurrency that has the data stored on a blockchain.

NFTs are unique since they cannot be replaced with something else. Each NFT is tied to a different set of data. This contrasts with Bitcoin where each coin is essentially the same.

If you swap a Bitcoin for another one, you cannot tell the difference. They are fungible. However, if one trades an NFT (a Splinterlands card, for example) for another one, the original cardholder has something completely different.

NFTs can be used to represent both digital as well as physical goods. The music and art world are some of the first adopters of this technology. There are also high-end manufacturers creating an NFT for each item to fight counterfeiting.

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Thanks for this NFT definition. I am using it for the first time. I will publish my article either by tomorrow or the following day.

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