A painting by Monet is not equal to a painting by Picasso, and an mp3 of a song of The Beatles is not equal to one of Beyonce. This means they’re non-interchangeable or non-fungible.
But you can’t swap your kids for your neighbor’s kids. You can swap one gold ingot for another one, and they’ll even look the same. In plain English: interchangeable, with the same value.Ĭryptocurrencies like Bitcoin, Ethereum, Solana, and others run on the blockchain too. There’s one distinctive feature to a majority of tokens: they are fungible. Tokens are separate entries within a blockchain. The computers are constantly updating it and making sure each copy is exactly the same as the other ones. This 'database' is stored on multiple computers around the world. Simply put, blockchain is a huge ‘database’ of transactions. It is a digital asset created using blockchain technology. NFT is an acronym for Non-Fungible Token. Some even say NFTs might even be the future of digital payments.īut, to begin with, what are NFTs? What are they for? How are they bought? We explain it to you in our definitive guide on NFTs. It is true: NFTs are currently taking the digital art and collectibles world by storm. This acronym even became Collin’s English Dictionary word of the year. What do Samsung, Nike, Taco Bell, Snoop Dogg, and Paris Hilton have in common? They're all about NFTs these days.
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