Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with specialized identifying numbers and metadata that set them apart from one another. They are not negotiable or equivalently exchangeable. This contrasts with fungible tokens, like cryptocurrencies, which are interchangeable and may therefore be used as a medium for business transactions because they are identical to one another. NFTs can also serve to represent people’s identities and property rights. They can also cut out middlemen, make transactions simpler, and open up new marketplaces. NFTs are a step toward the redesign of this infrastructure since they make it possible for digital representations of hard assets.
