NFTs: The Basics

Recently there has been a lot of hype around things called NFTs, or Non-Fungible Tokens. These blockchain artworks are attracting millions time and time again, but what are they and what is the hype all about?

Non-Fungible means that something is one of a kind. For instance, money is fungible, there are lots of $10 notes and you can trade them in for $5 ones. However, there is only one original.

They are one-of-a-kind digital assets that can be tokenised to create a digital certificate of ownership. The ownership is recorded through a blockchain ledger, the same ledger that cryptocurrencies such as Bitcoin or Etherium use.

I hope this article helped you get your head around the mind-boggling world of non-fungible-tokens. If there is anything you think I should add, send me a response. Thanks for reading till the end.