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The conversation around Non-fungible Tokens (NFTs) has reached a fervent pitch following the sheer number of high-profile sales in the last few months. From Beeple’s record-breaking art sale at Christie’s for $69 million, to Jack Dorsey selling his tweet as an NFT for $2 million, the NFT marketplace is booming. With a total sales volume hitting over $1.2 billion, the industry is ripe for the picking.
You may be scratching your head over what a non-fungible token means, but don’t panic. It’s a pretty easy concept to wrap your head around.
Non-fungible means unique, a one-of-a-kind asset that cannot be replaced — unlike fungible items, which can easily be exchanged, like fiat currency or cryptocurrencies such as Bitcoin. In crypto, nonfungible tokens are units of data that are stored on the blockchain. This certifies them as unique and not interchangeable.