{"id":2610,"date":"2021-03-17T17:12:47","date_gmt":"2021-03-17T15:12:47","guid":{"rendered":"https:\/\/walloftraders.com\/blog\/?p=2610"},"modified":"2023-02-21T14:50:42","modified_gmt":"2023-02-21T13:50:42","slug":"nft-non-fungible-token-a-unique-cryptocurrency","status":"publish","type":"post","link":"https:\/\/walloftraders.com\/blog\/en\/nft-non-fungible-token-a-unique-cryptocurrency\/","title":{"rendered":"NFT: Non-Fungible Token, a unique cryptocurrency"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/walloftraders.com\/blog\/en\/nft-non-fungible-token-a-unique-cryptocurrency\/#NFT_Non-Fungible_Token_they_are_all_different\" >NFT: Non-Fungible Token, they are all different<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/walloftraders.com\/blog\/en\/nft-non-fungible-token-a-unique-cryptocurrency\/#They_are_intermediaries\" >They are intermediaries<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/walloftraders.com\/blog\/en\/nft-non-fungible-token-a-unique-cryptocurrency\/#Examples\" >Examples<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"nft-non-fungible-token-they-are-all-different\"><span class=\"ez-toc-section\" id=\"NFT_Non-Fungible_Token_they_are_all_different\"><\/span>NFT: Non-Fungible Token, they are all different <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\"><a href=\"https:\/\/walloftraders.com\/blog\/en\/nfts-play-to-earn-trends-in-the-world-of-online-gaming\/\"><strong>NFT<\/strong> <\/a>for <strong>Non-Fungible Token<\/strong> is an asset representation. It is a unique cryptocurrency compared to most tokens. Indeed <strong>they cannot be changed with other assets <\/strong>even if they are similar. For example, a dollar is a fungible token because every dollar costs one dollar. There is no history attached to it unless it is in a museum. But if it is taken out and be used to purchase anything, its value will remain to be the same. NFT bears an identity of who owns them just like other cryptocurrencies.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\"><strong>NFT are unique<\/strong> and appear on a blockchain but they cannot be cloned. Anything can be tokenized, property, people\u2019s identity and even a tweet. Recently, the CEO of Twitter, Jack Dorsey <a href=\"https:\/\/twitter.com\/jack\/status\/20\" target=\"_blank\" rel=\"noreferrer noopener\">posted a link to his first tweet<\/a> that read \u201cJust setting up my twttr\u201d and it has people have placed bids up to $2.5m. Another feature that makes NFT stand out is <strong>extensibility<\/strong> where a number of NFT can be combined to form a more unique strain.\u00a0 <strong>Tokenization <\/strong>of physical and intangible assets creates a safe ground for selling assets with a low risk of fraud.\u00a0<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/archy13\/archy132102\/archy13210200002.jpg\" alt=\"NFT non fungible tokens crypto art on colorful abstract\"\/><\/figure><\/div>\n\n\n<p class=\"has-very-dark-black-color has-text-color\">The price of one cryptocurrency like Bitcoin equals the price of another Bitcoin. This makes other cryptocurrencies fungible therefore be used in exchange, buying and selling or even exchanging the currency with another currency. These currencies are very secure and are a perfect choice for daily crypto trades and decentralized financial needs. NFT are irreplaceable, they cannot be exchanged, and neither can they be traded like other cryptocurrencies like Ethereum.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"they-are-intermediaries\"><span class=\"ez-toc-section\" id=\"They_are_intermediaries\"><\/span>They are intermediaries<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">NFT are a blow to <strong>intermediaries<\/strong>. Creating NFT allows artists to sell art directly to clients. It also allows business people like real estate owners to sell and even reach wider markets than when they are depending on intermediaries to sell. The use of intermediaries is also a source of extra charges for transactions and broker fees increase the prices of assets.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">The Non-Fungible Tokens perform on two <strong>protocols<\/strong>, the ERC-721 and the ERC-1155. ERC-721 is responsible for the interface which includes : <strong>security<\/strong>, <strong>ownership <\/strong>and <strong>metadata <\/strong>details for gaming tokens. It is worth mentioning that <strong>ERC-721<\/strong> was created by the same people who created ERC-20 which is the Ethereum protocol. <strong>ERC-1155<\/strong> takes the role of reducing the cost of transactions and storage also batching several non-fungible tokens into a single contract.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/rokastenys\/rokastenys2103\/rokastenys210300087.jpg\" alt=\"Non fungible tokens(NFT) are unique tokens or digital assets that generate value because of their uniqueness\"\/><\/figure><\/div>\n\n\n<p class=\"has-very-dark-black-color has-text-color\">NFT are <strong>market efficient<\/strong>, they ensure that payment processes are smooth and there are no intermediaries between the seller or owner of the commodity and the buyer. This also allows the seller, for example, an artist to directly connect to the audience. The NFT representation on the blockchain allows for new market creation and discovery of new investment methods. For instance, an artist can decide to divide their art into different categories according to type and material. With the different categories, every piece is given an NFT and is <strong>unique in pricing and characteristics<\/strong>.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">The world needs NFT. NFT are a reinvention of how cryptocurrencies work. Cryptocurrencies are the new way of decentralized payment. But their tamper-resistance added with NFT representation lead to buying and selling being simple.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"examples\"><span class=\"ez-toc-section\" id=\"Examples\"><\/span>Examples<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">Today <strong>tokenization <\/strong>is global and every moment can be put together and be sold.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\"><strong>NBA <\/strong>is now the most known space for <strong>NFT<\/strong>, moments of shooting, where Top Shots are tokenized and made into cards. These cards have been fetching millions of dollars in the market. The magic that comes with tokenization has made every moment count and every moment be worth something.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/rokastenys\/rokastenys2103\/rokastenys210300106.jpg\" alt=\"A non-fungible token(NFT) is a special type of cryptographic token which represents something unique. NFT blockchain marketplace\"\/><\/figure><\/div>\n\n\n<p class=\"has-very-dark-black-color has-text-color\"><strong>Decentraland <\/strong>concept is a type of NFT that has been applied on the Ethereum network which allows physical pieces of land to be tokenized according to location and value in the market. In cases of multiple owners or investors in a given product, NFT allows for the democratization of the product because sharing a digital asset is cheaper and easier compared to a physical asset. An asset having multiple owners tends to fetch higher revenue and value than a single-person owned product.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">An increase in travel requires <strong>quick document processing<\/strong> at border points. Adoption of NFT identity allows people to cross travel with ease without the need to produce a password on every entry or exit point. This can also be a perfect way of securing digital platforms and accounts.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">GIF can be sold as NFT and are sometimes worth millions of dollars !<\/p>\n\n\n\n<p>You will surely like our other articles on the main information about NFTs, for example: &#8220;<strong><a href=\"https:\/\/walloftraders.com\/blog\/en\/nft-non-fungible-token-a-unique-cryptocurrency\/\">NFTs<\/a><\/strong>&#8220;, &#8220;<strong><a href=\"https:\/\/walloftraders.com\/blog\/en\/play-to-earn-games\/\">Play to Earn games<\/a><\/strong>&#8220;, &#8220;<strong><a href=\"https:\/\/walloftraders.com\/blog\/en\/nft-bored-ape-3\/\">Bored Apes Yatch Club<\/a><\/strong>&#8220;, &#8220;<strong><a href=\"https:\/\/walloftraders.com\/blog\/en\/meta-masters-guild\/\">Meta Masters Guild<\/a><\/strong>&#8220;, and &#8220;<strong><a href=\"https:\/\/walloftraders.com\/blog\/en\/battle-infinity\/\">Battle Infinity<\/a><\/strong>&#8220;.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p>You now are aware of this new trend and part of the future : the NFT. Share, like, comment this article!<\/p>\n\n\n\n<p>To go further you should learn about <a href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-defi-the-decentralized-finance\/\">DeFi: the Decentralized Finance<\/a>.<\/p>\n\n\n\n<div class=\"swp_social_panel swp_horizontal_panel swp_flat_fresh  swp_default_full_color swp_individual_full_color swp_other_full_color scale-100  scale-\" data-min-width=\"1100\" data-float-color=\"#ffffff\" data-float=\"none\" data-float-mobile=\"none\" data-transition=\"slide\" data-post-id=\"2610\" ><div class=\"nc_tweetContainer swp_share_button swp_twitter\" data-network=\"twitter\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/intent\/tweet?text=NFT%3A+Non-Fungible+Token%2C+a+unique+cryptocurrency&url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fnft-non-fungible-token-a-unique-cryptocurrency%2F&via=WallOfTraders\" data-link=\"https:\/\/twitter.com\/intent\/tweet?text=NFT%3A+Non-Fungible+Token%2C+a+unique+cryptocurrency&url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fnft-non-fungible-token-a-unique-cryptocurrency%2F&via=WallOfTraders\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_twitter_icon\"><\/i><span class=\"swp_share\">Tweet<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_facebook\" data-network=\"facebook\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/share.php?u=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fnft-non-fungible-token-a-unique-cryptocurrency%2F\" data-link=\"https:\/\/www.facebook.com\/share.php?u=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fnft-non-fungible-token-a-unique-cryptocurrency%2F\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_facebook_icon\"><\/i><span class=\"swp_share\">Share<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_linkedin\" data-network=\"linkedin\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/cws\/share?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fnft-non-fungible-token-a-unique-cryptocurrency%2F\" data-link=\"https:\/\/www.linkedin.com\/cws\/share?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fnft-non-fungible-token-a-unique-cryptocurrency%2F\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_linkedin_icon\"><\/i><span class=\"swp_share\">Share<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_pinterest\" data-network=\"pinterest\"><a rel=\"nofollow noreferrer noopener\" class=\"nc_tweet swp_share_link noPop\" href=\"https:\/\/pinterest.com\/pin\/create\/button\/?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fnft-non-fungible-token-a-unique-cryptocurrency%2F\" onClick=\"event.preventDefault(); \r\n\t\t\t\t\t\t\tvar e=document.createElement('script');\r\n\t\t\t\t\t\t\te.setAttribute('type','text\/javascript');\r\n\t\t\t\t\t\t\te.setAttribute('charset','UTF-8');\r\n\t\t\t\t\t\t\te.setAttribute('src','\/\/assets.pinterest.com\/js\/pinmarklet.js?r='+Math.random()*99999999);\r\n\t\t\t\t\t\t\tdocument.body.appendChild(e);\r\n\t\t\t\t\t\t\" ><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_pinterest_icon\"><\/i><span class=\"swp_share\">Pin<\/span><\/span><\/span><\/span><\/a><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NFT: Non-Fungible Token, they are all different NFT for Non-Fungible Token is an asset representation. It is a unique cryptocurrency compared to most tokens. Indeed they cannot be changed with other assets even if they are similar. For example, a dollar is a fungible token because every dollar costs one dollar. There is no &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"NFT: Non-Fungible Token, a unique cryptocurrency\" class=\"read-more button\" href=\"https:\/\/walloftraders.com\/blog\/en\/nft-non-fungible-token-a-unique-cryptocurrency\/#more-2610\" aria-label=\"More on NFT: Non-Fungible Token, a unique cryptocurrency\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[192],"tags":[],"class_list":["post-2610","post","type-post","status-publish","format-standard","hentry","category-cryptocurrencies","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFT: Non-Fungible Token, a unique cryptocurrency - The Crypto Trading Blog<\/title>\n<meta name=\"description\" content=\"NFT or Non-Fungible Token is a type of cryptocurrency where each asset is unique and cannot be traded for another. 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