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It could be anything from digital painting, text, tweet, photo, audio file, or even video.

Non-fungible tokens may also act as smart contracts.īefore you create an NFT, the first step is to decide your content type.

Proof of ownership: Proof of ownership of (limited edition) physical items can be represented as NFTs and provide provenance (trail of ownership) in the world of arts.

A tokenized representation of an identity on the blockchain could be used in voting systems or proof-of-individuality applications.

A tokenized representation of an asset on a blockchain (e.g., CryptoKitties) - This could easily be applied to real estate holdings, art pieces, or even a car.

In fact, NFTs are ushering in a new era of digital ownership-one in which goods like art, music, real estate, and even software can be represented digitally as non-fungible tokens on the blockchain. However, their utility and importance go far beyond just being a currency.

NFTs have been used mainly as an alternative form of cryptocurrency. That asset could be anything from a digital baseball card to a digital house deed. The idea is simple: Instead of a blockchain securing a digital currency like Bitcoin or Ether, it secures a unique digital asset, just like a physical object. In contrast, each NFT is unique and cannot be exchanged with another identical token. The word "fungible" is used in economics to describe a good or asset that can be interchanged with other identical goods or assets for example, a kilogram of crude oil is interchangeable with any other kilogram of crude oil, and one kilogram of gold can be exchanged for another kilogram of gold.

A non-fungible token or NFT is a specific kind of cryptographic token or digital asset - in essence, any digital asset can become an NFT.