An NFT is essentially a unique representation of an asset or good in the form of a virtual token

An NFT is essentially a unique representation of an asset or good in the form of a virtual token. Through cryptography, they help to verifiably prove ownership and authenticity of an asset. For example, a virtual piece of art where the artwork is tokenized and ownership of the token directly reflecting ownership of the piece of art, immutably stored on the blockchain.

NFTs are unique and cannot be replaced by another item. The implications of this in a distributed medium without centralized authority are wide ranging and will enable a future class of digital assets, from fractionalized ownership to tying real world assets to a digital token.

Fungibility exists in cryptocurrencies such as Bitcoin since each Bitcoin is worth the same as the next Bitcoin. One does not simply have more value than another. However, arguments can be made that Bitcoin does not achieve full fungibility since through blockchain analysis, coins previously used for nefarious purposes can be blacklisted. Regardless, the deliberate step away from fungible cryptocurrencies to NFTs is important and offers some very interesting potential results.

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