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Primer on Non-fungible Tokens NFTs

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Primer on Non-fungible Tokens NFTs ( primer-non-fungible-tokens-nfts )

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NFTs • o A Non-Fungible Token (NFT) is a unique digital asset whose ownership is tracked on a blockchain Most NFT activity currently occurs on Ethereum ‘Non-fungible’ means that something is unique and can’t be exchanged for something else. Bitcoin is fungible - you can swap one bitcoin for another with no difference. o. o • Blockchain Simplified Assets that can be represented as NFTs range from digital goods such as digital art, to claims on physical assets such as real estate. Why NFTs are important It’s easy to dismiss NFTs as another crazy fad when mainstream media typically only covers the outrageous amount of money someone has paid for digital art, tweets or replays of NBA dunks. The media usually neglects to explain that NFTs unlock new use cases and new business models. Traditionally contracts, deeds, bills of sale, shares, titles, have conveyed and proven ownership. 2

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