Let's recap: Traditional works of art are valuable because they are unique, while digital files can easily and endlessly be duplicated. Lithograph by Boissieu, vintage engraved illustration. Non-fungible assets could come in the form of a house, a vehicle, a painting, such as a Rembrandt or a Picasso. However, with NFTs, that's not possible. NFTs have value but are not interchangeable unless of course, you find two that have the exact same price and the owners are willing to swap them amongst themselves. Generally, however, they can be sold but not swapped because they have unique properties. You can change one BTC for another because they are of equal value. What does this mean? Okay, let's take bitcoin.

However, unlike crypto, NFTs are not interchangeable. Let's explain it from a technological perspective. NFTs exist on the blockchain, just like cryptocurrencies. That means that with money, for instance, you can change a £10 bill (British currency) for two £5 notes. In economics, fungible assets are exchangeable with each other. Non-fungible tokens (NFTs), as the name states, are assets that are not readily interchangeable. They've been around since 2014 but began gaining significant popularity last year and in 2021, they've been referred to as the fastest-growing asset. Have you ever heard of non-fungible tokens? What are NFTs? NFTs are digital collectibles that are minted on the blockchain.

Non fungible tokens nfts