What is an Non Fungible Token (NFT)?

[glenrmartin (GlenM)]

https://community.spiceworks.com/questions/4477/explanation?source=start-page

What is an Non Fungible Token(NFT)?

• A data packet that can only be sent from Windows to MacOS
• A single use security key
• A Crypto-currency
• A non-transferable digital collectible (“correct” answer)

The “correct” answer for this one is wrong. @ahremes ​ posted this excellent reference link: Non-Fungible Token (NFT): What It Means and How It Works

@josh-j-spiceworks ​ @david-k-spiceworks ​

[foo]

IMO that is wrong as well, in fact all the answers can be correct as well as many other things.

Non being the opposite, and token being arbitrary with no further context, it would be anything not fungible that can be interchanged.

[david-k-spiceworks]

Would it be better if I just delete the “non-transferable” part, leaving “A digital collectible”?

As others said in the explanation page; here is one comment from @dominickpastore8686 ​ : https://community.spiceworks.com/question_comments/37257

[Josh-J-Spiceworks]

@david-k-spiceworks

Would it be better if I just delete the “non-transferable” part, leaving “A digital collectible”?

As others said in the explanation page; here is one comment from sciatore​ : https://community.spiceworks.com/question_comments/37257

I still don’t think that quite fits. I’m going to put this one in moderation for now. They’re not necessarily “collectable” either. In it’s most basic form, it’s just a token that is “unique.”

For example, the best real-word use for NFT’s I’ve seen is ticket sales, where the database is held by an artist/performer, and the “ticket” is non-transferable, so the artist can verify that the person who purchased the ticket is the only person who actually gets that seat. I don’t think collectable would quite be an appropriate term there either.

I think we need some more feedback from the community on this one.

If I had to re-write this, I’d probably want to reverse the question and answer, and go with something more along the lines of “Which of the following terms best describes a non-commodity token that is often linked to an identity or cryptocurrency wallet?” with NFT being the correct answer. That said, I personally would prefer we just pull the question, as I am largely against having any publicity for the concept of crypto-related NFTs at all, as the mass majority of them were scams or grossly misleading in one way or another.

@david-k-spiceworks

[roger-knowbe4]

Sadly, in reality, an NFT is simply a URL link stored on a blockchain. That’s what you “own” when you own an NFT. Even the object the link links to can change. The entire server it is hosted on can go bye-bye (called a ghost NFT link). Forget what everyone else is telling you an NFT is…it’s a link stored on the blockchain. No more, no less. The rest is hype and obfuscation.

[david-k-spiceworks]

@josh-j-spiceworks ​ I’m okay with the decision to pull it. I’m not sure how IT related NFTs are anyway.

[Briser-fae-the-broch]

I actually got this question right when I had it, so obviously I was happy with it myself