What is Non-Fungible Token (NFT)?

A non-fungible token (NFT) is a special type of cryptographic token that represents a unique digital asset that cannot be exchanged for another type of digital asset. This characteristic is in contrast to cryptocurrencies like bitcoin (BTC) and litecoin (LTC) that are fungible in nature. NFT's are created via smart contract technology and are classified with token standards that vary based on the blockchain protocol they utilize.