Fungibility describes something that’s easily interchangeable: You can trade a $5 bill for five $1 bills.
Like cryptocurrencies, NFTs operate on blockchain technology in a decentralized market and are stored in secure digital wallets. They are tokens, which should sound familiar, given Bitcoin’s popularity. The best way to understand non-fungible tokens is to break down the terminology. Today’s Daily Dose breaks down this revolutionary concept, the key players and how they will continue to shape our world - whether you buy into the craze or not. From NBA rookie sensation LaMelo Ball to rapper Post Malone and singer Grimes, the concept of original digital content - think first draft of a masterpiece novel or an original Picasso, but in digital form - has piqued the interest of creatives everywhere. They are much more than the latest hottest gadget. But there’s a new sensation on the crypto block, and all of a sudden it’s become a market worth hundreds of millions of dollars: non-fungible tokens, aka NFTs. Chances are, you’ve been hearing the buzz about Bitcoin lately.
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