BEFORE we start discussing cryptocurrencies and non-fungible tokes (NFTs), let me first give you a brief explanation of what these are. In simple terms, cryptocurrencies are an alternative form of payment, and they act as a means to have an encrypted, decentralized and digital ledger, which keeps track of every transaction happening within such a blockchain system.

NFTs, meanwhile, are goods that are 'irreplaceable' or are categorized as 'unique.' While fiat currency and cryptocurrency can be classified as fungible tokens since trading one Bitcoin or dollar for another is basically the same thing, trading NFTs mean you cannot trade one artwork for another since they are two different things.