“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin, gold, oil,.. is fungible — trade one for another, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.
NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.
NFTs are game-changers because they restore scarcity in the digital space. Take music as an example. Before the internet, music was more scarce. Sure, one could get a burned CD off a friend, but it wouldn’t be the same as owning the original. Not only would there be no album art or accompanying booklet, but there would also be no feeling that one owned the real thing.
Today the entry point to the NFT world is still really complicated. I am more than happy to say that Swipelux is going to make it easier soon.
BTW. the NFT attached to this post was sold for 69 000 000 USD… crazy but cool at the same time right?
