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If you swap a $10 bill for two five-dollar ones, you still have $10. Cash, for example, is a fungible asset: Each dollar may be unique, but the particular dollar you have doesnвЂ™t matter. NFTs differ from cryptocurrency in that theyвЂ™re non-fungible, meaning they canвЂ™t be exchanged for an identical item. The record of their existence lives on blockchains, they can be bought and sold using cryptocurrency, and there isnвЂ™t necessarily a physical asset that ties them to the real world. Non-fungible tokens are, in a way, a lot like cryptocurrency. SEE: NFTs cheat sheet: Everything you need to know about non-fungible tokens (free PDF) (TechRepublic) What are NFTs? These cats could be bought, bred and sold for Ethereum cryptocurrency, and ownership of the cats used NFT technology way before it was cool.ДЇast forward three years and weвЂ™re living in an age where Twitter founder Jack Dorsey can auction off an NFT for his first-ever tweet for $2.9 million, and digital artwork sells for hundreds of thousands of dollars, which rightly leaves people in the art world and beyond scratching their heads and wondering just what a non-fungible token is, why it matters and if thereвЂ™s anything behind the hype. I wrote an article in 2018 about an online game called CryptoKitties, which involved collecting and breeding one-of-a-kind digital cats that lived on the Ethereum blockchain.

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These unique digital codes rely on the same blockchain technology as cryptocurrencies like Ethereum, but with a big difference: NFTs are completely unique and establish ownership of digital assets. YouвЂ™ve probably heard about the latest new digital craze: non-fungible tokens or NFTs.

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