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Apart from cryptocurrencies, another digital asset that has grown (and is growing) popular among investors are NFTs, or non-fungible tokens. Fungible is anything that can be easily exchanged, but non-fungible is something that has unique properties, which makes it difficult to exchange, such as an original painting.
Essentially an NFT is a digital asset that represents real-world objects like art, music, in-game items, and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs have exciting new properties: they’re unique, provably scarce, tradable, and usable across multiple applications. Just like physical goods, you can do whatever you want with them! You could hold them forever, gift them to a friend across the world, or go sell them on an open marketplace. But unlike physical goods, they're armed with all the programmability of digital assets.
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