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What does "non-fungible" mean?


A 100€ banknote is fungible, no matter which banknote you use, its value will always be 100€. Conversely, some objects, photographs, furniture, etc. have values that fluctuate. For example, the value of a chair by a great designer is not the same as a damaged mass-market garden chair.


NFT's - and we'll see how they work later - make it possible to record and track the authenticity and uniqueness of a non-fungible object. Thus, we can digitally track the ownership and value of that object or digital asset.



What are NFT's, technically speaking?


NFTs are unique digital tokens that are used to represent digital assets such as artworks, videos, music tracks and even tweets and later everyday objects. Unlike traditional cryptocurrencies such as Bitcoin or Ethereum, which are interchangeable and can be replaced by other equivalent units of value, NFTs are unique and indivisible.


The interest in NFTs is largely due to their ability to provide proof of ownership and authenticity for digital assets, which previously were easily and freely distributable.


NFTs are based on blockchain technology, which is a decentralised database that allows transactions to be recorded in a transparent and immutable manner. This means that each NFT is recorded in a specific blockchain, creating unalterable proof of ownership of the digital asset. They have also attracted the interest of art collectors and investors, as they offer a new way to buy, sell and own art and other digital assets



Some have seen NFTs as a new form of speculation, with NFTs being sold for astronomical sums at online auctions. Ultimately, much of the interest in NFTs is due to their ability to provide proof of ownership and authenticity for digital assets, as well as their potential as a new asset class for collectors and investors.


It is important to note that the value of NFTs is often subjective and depends on market demand. NFTs can be bought, sold and traded on online platforms specialising in NFTs.

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