Non-fungible token (NFT)

From Kook Science

A non-fungible token (NFT) is a unique, transferable identifier recorded on a digital ledger, commonly a peer-to-peer distributed public ledger (blockchain) such as Ethereum, which is linked to a public key, allowing a ledger user with access to the private key corresponding to the linked public key to be able to transfer the token to a different public key. In theory, the token exists as a means of demonstrating ownership, typically of an otherwise perfectly interchangeable (fungible) digital asset, such as an image file; however, as an NFT does not in and of itself represent any intellectual property right exchange (e.g. the legal right to make copies of the asset and sell them), and does not in and of itself contain the digital asset that is only ambiguously linked to the token (i.e. the token is not the asset, and the asset itself exists as a local copy), this form of ownership is effectively limited, the token existing only as a transferable proof of purchase, a paperless receipt stored on a publicly shared database.