What are NFTs?
NFTs are unique digital tokens that assure exclusive ownership and minimise duplication.
They are digital representations of assets.
Analogous to digital passports, each token contains a unique, non-transferable identity that distinguishes it from other tokens.
They are also extensible. Thus, one NFT can be combined with another to spawn a third, unique NFT.
So, are they cryptocurrencies?
While both NFTs and cryptocurrencies use blockchain, they have little in common beyond it.
What makes them different?
Cryptocurrencies can be exchanged and replaced. For example, you can exchange a bitcoin for another bitcoin.
However, the Jack Dorsey tweet, an NFT, cannot be exchanged for another.
It is a singular digital object with only one original version.
Read our complete article "NFT—nifty, shifty, or a bit of both?"
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