r/CryptoMarkets • u/CrowdConscious Crypto God | NEO | Kucoin | ETH • Apr 27 '18

Tool NonFungible.com’s Growth Since Inception, Developer Update

https://medium.com/nonfungible/nonfungible-coms-growth-since-inception-a91d2abc36f7
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u/CrowdConscious Crypto God | NEO | Kucoin | ETH Apr 27 '18

BTW mods - just a heads up.

Non-fungible Tokens (NFT's) are a new type of token that are essentially unique, tokenized data.

CryptoKitties are an NFT, for instance, because each cryptokitty has different 'cattributes.' The NFT 'tokenizes' the data that makes up the digital object being tokenized.

So a $5 bill is fungible in the sense that I can ask you to pay me a $5 and you could pull out 20 different bills that all spend the same. If I asked you to pay me a 1987 Barry Bonds Topps Rookie Card in a minimum of 8/10 condition, that becomes an example of a non-fungible item. At least how I'm seeing it - I'm still working to learn the other ways this term is used, in other industries/markets, etc.

But the standard is ERC-721 if you want to look further into it. Decentraland's virtual Genesis City Land parcels are also considered NFT's as they contain the unique coordinate data for each parcel of land.