They are bought and sold online, but an NFT can only have one official owner at a time - no one can modify the record of ownership or copy a new NFT into existence.

NFTs can be used to represent unique assets, such as a work of art, music, game or a property deed (for example, CryptoKitties or Cryptopunks). Other blockchain platforms that allow for the issuance of custom tokens include eos, cardano, tezos and stellar. NFTs are generally created by smart contracts on the ethereum blockchain.

Each NFT has a unique digital signature that makes it impossible for the NFT to be exchanged or be equal to another NFT. While a bitcoin is fungible - that is, you can trade one bitcoin for another bitcoin, and you’ll get exactly the same thing back - an NFT is one of a kind. Each Cryptokitty is unique and owned by the user. Some experts believe that the value being ascribed to NFTs in today’s marketplaces is irrational while others believe NFTs hold real worth.ĬryptoKitties, operating on the ethereum network, are non-fungible tokens. Non-fungible means that digital tokens are unique assets and can’t be replaced. Non-fungible tokens (NFTs) are unique tokens or smart contracts created on blockchain networks such as ethereum.

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