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All you ever wanted to know about NFTs... and more

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So most people know that NFT stands for nonfungible token. But what does it actually mean? Let’s start with the words themselves.In economics, “fungible” is a term used for things that can be exchanged for other things of exactly the same kind.

The U.S. dollar is fungible, because you and a friend can trade US$1 bills, and each of you will still have the exact same spending power.

Most cryptocurrencies are fungible, too – a bitcoin is a bitcoin, and it doesn’t really matter which bitcoin you have.But most objects in the physical world, such as cars and houses, are nonfungible – meaning they have unique qualities, and you can’t just exchange them for others of the same type. (You might be willing to swap your 2020 Honda Civic for another 2020 Honda Civic, but the cars wouldn’t be exactly the same, and you’d want to know what condition the other car was in before you’d agree to the trade.)Tokens, in crypto speak, are units of value stored on a blockchain.

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