CodeFusion

NFT – Non-Fungible Token

30.08.2021

We present our first official NFT: https://jumpnet.enjinx.io/eth/asset/68c0000000000908/1. NFT or Non-Fungible Token is a piece of data living on the blockchain that certifies the uniqueness of a digital asset. Sounds complicated? In many ways it is. The IT part is the simplest here. NFT is similar to cryptocurrency tokens existing in a decentralised ledger on one of the blockchains. Unlike the ledgers associated with cryptocurrencies, which are completely fungible (1 bitcoin is worth the same as any other 1 bitcoin), NFTs are non-exchangeable. This is because they represent digital assets that are intended to be unique in their essence. The value of each single NFT is determined individually, based on the usual free market rules governing the demand and supply of a specific digital good. You may have already heard about the prices of some NFTs (like for example a teenager who earned $400,000 distributing funny pictures of whales). Things get complicated at an interpretative, legal and accounting level. Those are the issues we are dealing with during the research work for a project we may be carrying out. More details perhaps in the future!

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