Nonfungible Tokens Could Change the Way We Own Things

Blockchain technology is widely associated with the exchange of interchangeable digital assets, from payment systems like Zcash (ZEC) and Libra to platforms like Ethereum and Substrate, using what are known as fungible tokens. For this reason, nonfungible tokens have been revolutionizing the ownership of tokenized art and intellectual property.

This uniqueness makes nonfungible tokens unsuitable for most stereotypical crypto trading purposes but ideal for recording and storing the ownership of digital items like collectibles, games and even art. Unisocks, for example, allows you to purchase a $SOCKS token (fungible) that you can then redeem for a pair of real socks and an NFT representing ownership of that pair of socks.

Timeline of Ethereum, Zcash