Non-Fungible Tokens

Non-Fungible Tokens (NFTs) have been used in games for a very long time. However, they are now being used more and more in other industries as well. Within crypto, they can be used to represent ownership of cryptocurrency or any other digital asset on the blockchain.

What is an NFT?

Non-fungible tokens are a form of digital asset that is unique. They are used to represent ownership of an item on the blockchain. Unlike fungible tokens, one non-fungible token cannot be substituted for another. They are commonly used to represent ownership of digital items like rare collectibles, in-game items, digital work of art, virtual cards, and even physical assets like land and cars. They can also represent a specific individual, such as a celebrity or an athlete, as well as provide access to exclusive content and experiences.

NFTs to the Rescue!

Because NFTs are stored on a blockchain and have a unique identifier they are easy to distinguish from one another and can solve a multitude of problems including counterfeit, fraud, copyright and ownership issues. They can also be used in many industries such as healthcare, manufacturing, and supply chain management. When NFTs are used for business applications, they are referred to as Enterprise NFTs (ENFTS).

A Quick Recap Before We Talk About Mining & Minting...

NFTs are cryptocurrency tokens that represent information of unique or rare digital and real-world assets that unlike a dollar or a bitcoin are not interchangeable on a 1:1 basis. Turn over the page to learn the difference between minting and mining.