Hendrick Kganyago NFTs

Unlike cryptocurrencies such as Bitcoin or Ethereum, non-fungible tokens represent assets or assets with unique properties and attributes, allowing them to have unique value even if they are part of the same set.

A non-fungible token (NFT) is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital element and is therefore not fungible. Non-fungible tokens, or NFTs, are pieces of digital content connected to a blockchain, the digital database that underpins cryptocurrencies such as Bitcoin and Ethereum. Unlike NFTs, these assets are fungible, which means they can be substituted or exchanged for an identical asset of the same value as a dollar bill. Each has a digital signature which makes exchange or equality between NFTs impossible (therefore not interchangeable).

NFTs are usually purchased with cryptocurrencies or U.S. dollars, and the blockchain records the transactions. NFTs are recorded on a digital ledger in the same way as cryptocurrencies, so there is a list of owners. NFTs are tokens that we can use to represent ownership of unique objects.