#wonderpal

[givemegifs]

[givemegifs]

[nikhildaniels]

https://wonderpals.co/

What is a non-fungible token?

A non-fungible token, also referred to as a digital token, is a value-added unit which was built upon top of an existing Blockchain network. Digital tokens have specific information that distinguishes it from other NFTs and assets. It also proves that the asset is owned by the owner for example, an image, a sound text, or file.

An NFT is developed and stored on a blockchain that is basically a digital ledger of transactions. Blockchain is also the technology that underpins cryptocurrency.

Nonfungible assets are not able to be duplicated. This means:

Each NFT is distinct, and therefore one NFT can't replace the other.

As a digital asset NFTs can be downloaded, copied and shared, however the original NFT and proof of its ownership is stored on the blockchain. Nowhere else can an exact copy of an NFT be located.

NFTs can be verified, which means that the previous data stored on blockchains validates an NFT's creator and owner.

The "nonfungible" element of NFTs is the thing that gives them their worth. Consider Vincent van Gogh's "The Starry Night." Anyone can purchase prints at an art shop, but only the Museum of Modern Art owns the work Van Gogh created, and no other asset could replicate it in full canvas. This is what makes an NFT as a unique asset.