NFT

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What is NFT? Non-Fungible Token (NFT) is a kind of cryptographic token that is non-interchangeable (non-fungible). As a cryptographic token, NFT is a kind of digital asset. The NFT tokens are usually running on blockchains.

What distinguishes NFTs from fungible cryptocurrencies, such as Bitcoin, is the property of non-interchangeability (non-fungibility). One BTC is the same as another BTC. But one NFT is not the same as another NFT. NFTs are commonly used as the digital representation of something unique. Hence NFTs are widely used to represent assets such as arts, music or in-game items for decentralized games, and ownership of the NFT is often associated with a license to use the underlying asset.

There are standards or convensions for NFTs on blockchain. For example, ERC-721 is a standard for representing non-fungible digital assets on the Ethereum blockchain, and SimpleAssets is an digital assets standard for NFTs, FTs and NTTs on EOSIO blockchains.

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