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In economics a fungible asset is something with units that can be readily  interchanged - like money. With money you can swap $10 note for two $5 notes and it will have the same value.

NFT stands for NON FUNGIBLE TOKEN. Its generally built using the same kind of programming as cryptocurrency like Bitcoin, but that’s where the similarity ends. Physical money and cryptocurrencies are fungible, meaning they can be exchanged or traded for one another. NFTs are not mutually interchangeable, hence not fungible. While all bitcoins are equal, each NFT may represent a different underlying asset and thus have a different value.

Thus an NFT is a unit of data stored on a digital ledger (blockchain) which can be sold and traded. The NFT can be associated with a particular digital or physical asset (such as a file or a physical object) and a license to use the asset for a specified purpose. NFTs (and the associated license to use, copy or display the underlying asset) can be traded and sold on digital markets. This cryptographic transaction process ensures the authentication of each digital file by providing a digital signature that is used to track NFT ownership.