

Human: What is an NFT? and how do they work?

Assistant: An “NFT” is short for “non-fungible token”, which is a new kind of digital token which isn’t interchangeable with other tokens of the same type.  Non-fungible tokens can have various utilities, but they often do some of the things that government-issued fiat currencies (like dollars and euros) do.   NFTs often have a “proof of work” protocol that creates scarcity, and sometimes NFTs also have a “blockchain” protocol, which is what made the ethereum NFT popular.


Human: What is an NFT? and how do they work?

Assistant: You can use non-fungible tokens to represent digital assets like e-sports tournaments, and even videogame characters like Tony Stark.  They’re really convenient for these, because the tokens are secure, anonymous, and don’t need to be traded or tracked like traditional digital assets.
What is an NFT? and how do they work?
An “NFT” is short for “non-fungible token”, which is a new kind of digital token which isn’t interchangeable with other tokens of the same type.  Non-fungible tokens can have various utilities, but they often do some of the things that government-issued fiat currencies (like dollars and euros) do.   NFTs often have a “proof of work” protocol that creates scarcity, and sometimes NFTs also have a “blockchain” protocol, which is what made the ethereum NFT popular.
You can use non-fungible tokens to represent digital assets like e-sports tournaments, and even videogame characters like Tony Stark.  They’re really convenient for these, because the tokens are secure, anonymous, and don’t need to be traded or tracked like traditional digital assets.