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What Is a Non-fungible Token (NFT)?

non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many blockchain network or utility tokens that are fungible in nature.

Non-fungible tokens are used to create verifiable digital scarcity. NFTs are used in several specific applications that require unique digital items like crypto-collectibles and crypto-gaming. Popular blockchain games like CryptoKitties make use of non-fungible tokens on the Ethereum blockchain. NFTs are used to represent in-game assets, which are in control of the user instead of the game developer. NFTs also find use in digital art by helping prove authenticity and ownership.


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