So cryptocurrencies are fungible tokens, what is a Non-Fungible Token?

Uniqueness

"It's the USP, stupid" is the mantra of many an experienced entrepreneur because they know that a key element of value is to be found if they can not get it anywhere else.

NFTs capture that unique aspect of anything in a digital manner, and capture it in a way that can be easily stored or transported.

Art

The simplest use case of NFTs is art, not just digital media on the internet, but also physical art that is represented by the digital token. The Mona Lisa could be stored in a museum or a bank vault, but the digital token would prove the ownership of the painting. In this manner, the token would act as a key to unlock that vault, and all keys are already unique.

Real World

This example above already deals with not just physical objects such as art, but points out that NFTs unlock real world assets and experiences. In that way, NFTs represent the real world, and make the real world programmatic. And unlocking an experience is like having a ticket to it.

Tickets

Events and experiences are another obvious application of NFTs. Businesses will be able to issue tokens and fans and customers will be able to access various special offers based on the type of NFTs they possess.

Games

Everything digital (and physical!) is impacted by the notion of NFTs. Games are another obvious application where NFTs unlock special features or characters, and indeed, the characters themselves become NFTs.

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