GlossaryBeginner
Non-Fungible Token
A token representing a unique item, where each unit is distinct and not interchangeable.
A non-fungible token, or NFT, represents ownership of something unique, where each token is distinct and not directly interchangeable with another, unlike a fungible token such as a typical cryptocurrency.
NFTs have been used to represent digital art, collectibles, and other unique digital or digitally-referenced items, with ownership and transfer history recorded on a blockchain.
Examples
- Two NFTs from the same collection can have very different value depending on their individual attributes.
- An NFT's blockchain record shows its ownership history, but doesn't necessarily store the underlying digital file itself.