Non-Fungible Tokens

• Google has unveiled NFT policy for Play Store to incorporate tokens into games.

ABOUT NON-FUNGIBLE TOKENS (NFTS)

• NFTs are cryptographic assets which work on a block-chain technologye., a distributed public ledger that records transaction and cannot be replicated.
• They can represent digital or real-world items like artwork, photograph, song, video, real estate, individuals’ identities, property rights, and more.
• They are assigned unique identification codes and metadata that distinguish them from other tokens.
• The term ‘non-fungible’ simply means that each token is different as opposed to a fungible currency such as money.
  • Fungibility is the ability of an asset to be interchanged with other individual assets of the same type.
• Examples
  • Fungible Assets: Currencies, Bitcoin, Stocks, Mutual Funds
  • Non Fungible Assets: Paintings, Real Estate, Non-Fungible Tokens (NFTs)
• NFTs can be traded and exchanged for money, cryptocurrencies, or other NFTs—it all depends on the value the market and owners have placed on them.
• NFT transactions are recorded on blockchains, which is a digital public ledger
• Most NFTs being a part of the Ethereum blockchain.