The first NFTs were part of the Ethereum blockchain, which stores extra electronic information to distinguish their uniqueness. In some ways, NFTs are similar to Bitcoins and other cryptocurrencies, except, of course, they are non-fungible and non-divisible. They are an Ethereum blockchain game where users can buy, sell and breed digital "cats." Every "cat" is unique (just like your real-life pet). Ī more down-to-earth version of a modern digital NFT is CryptoKitties. One NFT artwork by a digital artist called Beeple sold for $69 million at Christie's. And some of these NFTs have gone for extraordinary prices. Some NFTs, for example, are digital artworks, and people are now collecting these digital artworks, just like collectors have collected physical paintings for years. This makes it particularly easy for creators to give their supporters something rare and unique. On the other hand, if you swap a near-worthless mass-produced late 80s baseball card for a 1909 American Tobacco Company T206 Honus Wagner card (valued at over $1 million), you've done very well for yourself. If you trade one bitcoin for another, you end up in the same position as where you started, for instance. These differ from fungible items, which are often the same as each other. If you trade your card for some other card, you have something different. For example, a one-of-a-kind trading card is an NFT – you can't just replace it with any other card.
They are unique items that you can't replace with something else.
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