What are fungible assets & nonfungible tokens?

The distinction between fungible and nonfungible assets lies in the nature of the information they contain.

Fungible assets, such as Bitcoin, primarily serve as a store of value, with each token representing an equal unit of the overall asset.

In contrast, nonfungible tokens (NFTs) hold unique data that cannot be replicated or replaced.

Blockchain technology serves as the fundamental backbone for authenticating ownership of intangible digital assets.

For instance, an NFT could represent an academic title or an original artwork, each carrying its own distinct identity and value.