CryptoPunks by Larva Labs (2017)

NFTs and Cryptoart

A Non-fungible Token (NFTs) is a type of token in blockchains like Ethereum that is verifiably unique.

Fungible means "capable of mutual substitution" — essentially, if something is fungible, it can be replaced by another of its kind. An example of something fungible is a $1 bill, since if I trade it with someone for another $1 bill, nothing really changed.

An example of something non-fungible is the Mona Lisa. Even if a super talented artist were to re-paint an exact replica of the Mona Lisa, you would not simply replace the original for the replica, as the original is always going to be more valuable.

A non-fungible token is a digital token on the blockchain that, like the Mona Lisa, cannot be replaced, and whoever owns it has unique claim to it. This idea of digital uniqueness has opened up a world of possibilities for many industries including music, art, photography, real estate, finance, etc.

Here are a few resources to learn more about NFTs: