Monkeys with laser eyes or Non-fungible Tokens (NFT) were not an intention of the creator of ETH blockchain. The easiest way to understand what an NFT is; by understanding, what a fungible token or object is.

A nickle is a fungible object because it has a value of .05 . You can trade about any nickle in for the same .05 . The items or tokens have to be able to be swapped without loss of value. That’s the rule. Always the same value. So a fungible token would be like a BTC coin. At this time of writing; BTC is approx. $43,587 per coin.

Which means it has a physical value of $43,587.

That gives it a specific price for your BTC coin.(ex. Coins, gas, oil, etc)

NFT's do not have a specific price for the object. 

Non-fungible objects would include (Artwork, diamonds, baseball cards, real estate, cars, antiques, etc) 

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What can be an NFT?

NFTs can represent any asset, including online-only assets like digital artwork, photos, videos and real more practical assets such as domain names, drivers license, health care information and more. 

They are digitally stored on Blockchains that connect to your wallet. The Ethereum and Polygon blockchain store the most NFTs due to affordability.  Minting NFTs can be expensive; and can fluctuate price depending on how busy the Blockchain is. They are minted on the blockchain to show ownership of the NFT and held in secured digital wallets. 

 

Forget the laser monkeys; here’s practical use of blockchain technology state side..

 

Voting

Blockchain can provide a secure, decentralized platform for recording and verifying votes. For example, Chandler, Arizona, used blockchain for mobile voting.

 

Record keeping

Blockchain can be used to efficiently keep records. For example, Austin, Texas, piloted a record keeping app for people experiencing homelessness.

 

Digital credentials

Blockchain can be used to digitally issue credentials to enhance security and prevent forgery. For example, Rhode Island used blockchain to issue digital ID cards and CPA licenses.

 

Supply chain traceability

Blockchain can be used to trace the supply chain of goods like food, oil, natural gas, and steel.

 

Passenger screening

Blockchain can be used to streamline security processes at airports.

 

Healthcare

Blockchain can be used to securely manage patient information, including sharing, selling, and licensing data.

 

Crypto banking

Some states are leading the way in cultivating crypto banking, such as Nebraska.

Other uses for blockchain include:

•   Establishing copyrights

•   Improving the delivery of public services

•   Attracting new businesses

•   Defense supply chains

•   Food supply

•   Energy