Kiwi NFTs (Non-fungible token) is a cryptographic asset on blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, Kiwi NFTs cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.
The distinct construction of each NFTs has the potential for several use cases. For example, they are an ideal vehicle to digitally represent physical assets like real estate and artwork. Because they are based on blockchains, NFTs can also be used to remove intermediaries and connect artists with audiences or for identity management. NFTs can remove intermediaries, simplify transactions, and create new markets.
NFTs can be used to represent real-world items like artwork and real estate. "Tokenizing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud. NFTs can also be used to represent people's identities, property rights, and more.
Much of the current market for NFTs is centered around collectibles, such as digital artwork, sports cards, and rarities. The NFTs version of the first-ever tweet has already been bid up to $2.5 million.