NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known). Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. These tokens are stored cryptographically in a blockchain network for authentication and validation. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.Īlthough NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. Something which is fungible is replaceable. NFT is an acronym for “Non-Fungible Tokens”.

The game was first released in November 2017.ĬryptoKitties uses the Ethereum blockchain network and transactions can be carried out using the native currency Ether.Īn NFT Marketplace is a marketplace for NFT.

It was developed by the Canadian company Dapper Labs Inc and Hong Kong-based Animoca Brands Corporation Ltd. CryptoKitties is a blockchain-based game.

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