The writer is a lawyer and an Associate of Koranteng
& Koranteng Legal Advisors and focuses on intellectual
property, technology and commercial law
NFTs
Fungible refers to anything that can be replaced by a similar
item or that is mutually interchangeable with something else. For
example, money is a fungible asset. One dollar can be easily
replaced with another and the value remains the same.
Non–Fungible, therefore, means a thing that is unique,
which cannot be interchanged or replaced with something else. Thus,
Non-Fungible Tokens (NFTs) are a one-of-a-kind digital asset, that
can be bought and sold like any other piece of property. They can
take the form of anything digital including music, drawings,
animated GIFS etc. and can also represent real world physical
assets.
