NFT stands for “non-fungible token,” although unless you’ve studied economics, that probably isn’t much help.
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Non-fungible tokens are a type of cryptocurrency being touted as the digital answer to collectibles.
While “non-” and “token” are pretty straightforward, “fungible” is proving a bit of head-scratcher for many.
In simple terms, if something is fungible it is mutually interchangeable.
A $20 note, for example, is fungible – you can swap it for two $10 notes or four fives and you still have $20. Cash is fungible.
A non-fungible item is unique and irreplaceable, like a signed album or an original artwork – sell or trade it and it’s gone.