NFTs are tokens that can be used to prove ownership over unique, one-of-a-kind items. We can use them to tokenize assets such as art, collectibles, and even property. The Lycanchain blockchain guarantees the integrity of the ownership record, making it impossible to create a new NFT by erasing an existing one or tampering with the existing one.

NFT stands for non-fungible token. The economic term "non-fungible" can be applied to many different types of property, including your home furnishings, music files, or your personal computer. These things are not interchangeable for other items because they have unique properties.

On the other hand, fungibles are tradable because their value rather than their specific characteristics determine their worth. For eg. $1 USD is a fungible asset because they are tradable for another $1 USD or any asset that is worth the value of that $1 USD.