Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. These tokens are stored cryptographically in a blockchain network for authentication and validation. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.Īlthough NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features.
For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. Something which is fungible is replaceable. NFT is an acronym for “Non-Fungible Tokens”. These digital pets cannot be replicated, taken away, or destroyed.ĬryptoKitties are minted on the Ethereum Blockchain Network and is created by the Canadian company - Dapper Labs These NFTs are unique collectable kitty characters from a game centred around breedable and adorable creatures called CryptoKitties! Since each cat collectable has unique attributes and is 100% owned by you, just like your pet cat at home.
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