Typically, non-fungible tokens are not divisible, in the same way that you cannot send someone part of a concert ticket part of a concert ticket wouldn’t be worth anything on its own and would not be redeemable. (Of course, the value of Bitcoin might change during the time of exchange.) You can also send or receive smaller amounts of one Bitcoin, measured in satoshis (think of satoshis as cents of a Bitcoin), since fungible tokens are divisible.
You can send someone one Bitcoin and they can send one back, and you still have one Bitcoin. Banknotes, in contrast, can be simply exchanged one for another if they hold the same value, there is no difference to the holder between, say, one dollar bill and another.īitcoin is a fungible token. They cannot be swapped like for like, as no two NFTs are alike. It’s this information that makes each NFT unique, and as such, they cannot be directly replaced by another token.
Non-fungible tokens are digital assets that contain identifying information recorded in smart contracts.
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