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NFT (non-fungible token)
Assets and ownership

NFT (non-fungible token)

A token that represents ownership of a unique item cannot be exchanged on a like-for-like basis with another token because each one is distinct. Most public attention has focused on digital art, but the underlying mechanism has institutional applications in title records and unique asset ownership.

TradFi equivalent
In traditional finance...
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TradFi equivalent
A deed of title. A document that proves ownership of a specific, unique asset. No two deeds are interchangeable because no two properties are identical.
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Analogy
In everyday terms...
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Analogy
A concert ticket with an assigned seat. It is not interchangeable with any other ticket because it is for a specific seat at a specific event.
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