Non-Fungible Tokens are a new paradigm for creative and collectible value generation in the post-pandemic digital universe where metaverse and blockchain technology reign.
NFTs, or non-fungible tokens, have become ubiquitous in recent years — a phenomenon that’s undoubtedly symptomatic of our new, post-pandemic, hyper-digitalized lives.
An NFT represents any digitally represented asset that can be bought and sold. Because it is stored on the blockchain (a system that tracks crypto transactions via peer-to-peer networks) and comprises unique identifying information, the token cannot be duplicated. Likewise, it is non-fungible, meaning it cannot be interchanged, unlike a cryptocurrency like Bitcoin, where one coin equals another coin.
Originally published: Entrepreneur by Yuri Vanetik