What is a non-fungible token?

Non-fungible tokens are digital assets that are unique and cannot be substituted or replicated. These tokens can represent anything, from a Beanie Baby to a digital cat. They could be used to represent physical property like houses, cars, or even collectible art pieces. Non-fungible tokens can even be used as collectibles in their own right. For such a new concept, NFTs have an ancient history as well. In the 1970s, baseball cards were introduced to the world. Baseball card collectors would trade them with each other and track their value over time. These cards were an early form of NFT because they would hold their value and were difficult to replicate.