WTF are NFTs?

You have probably heard NFT being thrown about on social media for the past few weeks and thought to yourself, you what?!

NFT's have survived another week of chatter on the internet and they continue to show even more signs of sticking around longer than a than the latest celebrity's relationship. 

Google Trends, NFT Search results
"The first step to receiving an answer is being brave enough to ask the question"

Like most of us, you have probably thought to yourself, well what the hell is an NFT but didn’t want to sound stupid asking. 

So, what is an NFT?

NFT is an abbreviation for Non-Fungible Token.

The best way to understand what all the fuss is about is by learning what Fungible means.

Definition from Oxford Languages, Google.

A fungible can be exchanged or replaced because each one has the same value and likeness. Whereas a non-fungible item is the opposite, it something that can't be exchanged due to unique characteristics making them different from one another.

So what are some real-life examples of fungibles and non-fungibles?

Well, money, gold or bitcoin are things that can be exchanged like for like.

Real-life examples of non-fungibles would be a house, a painting or diamonds which are all physical objects. A digital non-fungible example is a trademark, crypto key or a ticket to a concert on a specific date and time. 

Non-fungible are these things that can't be replaced and are unique.

No two NFTs are the same!

Now, what does the token part represent?

The token is the digital certificate created for this item. Tokens are stored in a secured databank called the blockchain. While on the blockchain the tokens allow for the asset to be verified and trackable.

Still want to learn more about NFTs? Sign up to our newsletter and keep up to date with the latest going on's. In the meantime watch SNL's NFT sketch.


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