"“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)"
Clark, M. (2021). NFTs, explained. The Verge.
NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.
NFTs can be used to represent real-world items like artwork and real-estate.
"Tokeninzing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud.
NFTs can also be used to represent peoples identities, property rights, and more.
Sharma, R. (2021, March 8). Non-Fungible Token (NFT) definition. Investopedia.
Non-fungible tokens (NFT)
Ethereum Foundation. (2021, June 21). Non-fungible tokens (NFT). Ethereum.org.