Non-fungible tokens (NFTs) are the subject of the latest price frenzy in the world of cryptoassets, but what exactly are they? Are they worth investing in? And what does this novel form of tokenization signify? NFTs are ways of cryptographically immortalizing asset ownership. Although these assets consist mainly of digital art and historical digital artifacts, the possibilities are endless — for example, house deeds, sports collectibles or special computer game assets, such as charms or costumes. Fungibility in finance is a concept of equivalence; that is, one dollar is as good as another. “Non-fungible,” in this case, simply means each electronic token is unique.