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Crypto market prices drop on International NFT day

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ROCHESTER N.Y. (WROC) — International NFT Day was Tuesday, September, 20 and this week a price drop was seen in the crypto world of 11%. 

An NFT stands for “Non-Fungible Token” and is a digital asset that cannot be copied, substituted, or subdivided. It also links ownership to physical or digital items like art, music, videos, or real estate.

Joe Hoffend is the Vice President of Product Development at Foundry, which is a company that works in the blockchain space and provides decentralized infrastructure. He explained the relation of NFT to FTs and other digital products.

“Let’s start with fungible tokens. That is a typical token, like a bitcoin, or an Ethereum, or as they call it “eat”. Any of the tokens you can buy, sell, and trade back and forth. They’re not unique in any way,” Hoffend said. “However, there’s the non-fungible token and those contain some type of digital asset or unique data that differentiates them and so trading them back and forth does have a different meaningful value to it.”

He added, as an example, you could…

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