Because of their fungibility, cryptocurrencies are well-suited for use as a secure medium of exchange in the digital economy, where they have gained widespread acceptance. Due to the fact that each token is unique and irreplaceable, NFTs alter the cryptographic paradigm, making it impossible for one non-fungible token to be considered the same as another.

NFT stands for non-fungible token and is a unique unit of data created using technology that allows digital content—ranging from videos to songs to images—to be logged and authenticated on cryptocurrency blockchains, particularly on the Ethereum platform.