From the course: Blockchain: Beyond the Basics
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Understanding non-fungible tokens (NFTs) - Blockchain Tutorial
From the course: Blockchain: Beyond the Basics
Understanding non-fungible tokens (NFTs)
- Blockchains support crypto tokens, also referred to as simply tokens, a type of cryptocurrency that can represent an asset or have a specific function. A type of token that has exploded in popularity is a non-fungible token, or NFT. So what exactly is an NFT? When something is said to be fungible, it is the quality of an asset, an item of value to be exchanged equally with another asset of the same type. For example, the notes and coins of currency are fungible assets. If I have two $5 notes, I can exchange them with another person who provides me with a single $10 note or I can swap my two $5 notes for another set of $5 notes. Although the notes are different in both examples, they have identical value and can be substitute for each other. On the other hand, non-fungible assets may be similar items but hold different values. They can't be substituted. For example, if I lend a friend my car and when he returns it…
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