Non-Fungible Tokens (NFTs)
What Is An NFT?
Economically speaking, a fungible asset is something with units that can be readily interchanged - like money.
However, if something is non-fungible, this is impossible - it means it has unique properties so it can't be interchanged with something else.
What Are NFTs?
A non-fungible token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded on the blockchain, and is used to certify authenticity and ownership. Think of them as "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property, but have no tangible form of their own.
NFTs can be created to represent virtually any asset, whether physical, digital or metaphysical. However, the most common NFT assets are digital art, digital collectible items, pieces of content like video or audio, and event tickets.
Most NFTs are not the asset itself. In the case of a physical asset, they represent ownership of the asset. For digital assets, they represent ownership of the unique code linked to or associated with the asset's metadata—information about the asset, such as the creation date, size, or where it is stored on the internet. In the case of a digital image, others may be able to see the asset or even download a copy, but the NFT proves which digital image is the original and can, in conjunction with other information, show who owns the NFT.
The Pantheon is leveraging the technology behind non-fungible tokens on the blockchain for everyone's sake, utilizing their inherent versatility, helping create an ethical marketplace.