The NFT Revolution in Art and Music
Non-Fungible Tokens (NFT) have recently emerged as a revolutionary innovator in the world of art. Everyone from Tom Brady to WWE’s The Undertaker seems to be cashing into the crypto world through NFTs. But what are NFTs? To understand the concept of an NFT you first need to appreciate the concept of fungibility in commerce. A fungible item is one that can be freely exchanged for another identical item and will retain the same value. Crypto and Fiat currencies, for example, are fungible commodities. A particular dollar bill can be exchanged for any other dollar bill and both will have identical value. Likewise, no one Bitcoin is worth more than another.