Crypto Council For Innovation
Subscribe
No Result
View All Result
  • Home
  • About Us
    • Leadership
    • Membership
    • Careers
    • CCI News
    • Contact
    • Events
    • Press Releases
  • Analysis
    • All Analysis
    • Crypto in Action
    • News Analysis
    • Explainer
  • POSA
  • Comment Letters
  • Policy Briefs
  • Reports
  • Security
  • Financial Literacy
  • Policy
  • EU Elections
  • Crypto in Action
  • Explainer
    • Defi
    • NFTs
    • DAOs
    • Layer 1s
    • Layer 2s
    • Government
    • Infrastructure
  • Home
  • About Us
    • Leadership
    • Membership
    • Careers
    • CCI News
    • Contact
    • Events
    • Press Releases
  • Analysis
    • All Analysis
    • Crypto in Action
    • News Analysis
    • Explainer
  • POSA
  • Comment Letters
  • Policy Briefs
  • Reports
No Result
View All Result
Crypto Council For Innovation
No Result
View All Result

Home » Non-Fungible Tokens: Provably Rare Digital Assets

Non-Fungible Tokens: Provably Rare Digital Assets

byCCI
October 13, 2022
in Explainers
Visual depiction of NFT

Summary

  • A non-fungible token (NFT) is a cryptocurrency token that is indivisible and unique. 
  • One NFT cannot be interchanged with another NFT, and the whole cannot be broken down into smaller parts and used. NFTs offer a myriad of options for creating and trading digital assets — such as original artwork and blockchain-integrated collectible games like CryptoKitties. 
  • NFTs are useful for proving the scarcity and provenance of rare assets, both digital and in the real-world. Non-fungible tokens are mainly built on Ethereum using the ERC-721 token standard.
  • A version of this article first appeared on Gemini’s Cryptopedia. Read more Crypto Council explainers.
Fungible and Non-Fungible Characteristics of Crypto Tokens

A fungible asset refers to an asset that is interchangeable with any other like unit of that asset. For example, one bitcoin (BTC) is the same as any other bitcoin in circulation — the case is the same with dollars or euros or ether (ETH). Fungible assets are also divisible, meaning they can be fractionally broken up into smaller units that share the same properties. Fungible assets are essentially indistinguishable from one other. These traits are key for any asset to be viable as a payment mechanism. On the other hand, non-fungible tokens are crypto tokens that are indivisible and unique. While NFTs are built on smart contracts just like ETH and DAI, NFT contracts contain specific information that makes each NFT different from the next. In this way, one NFT cannot be interchanged with another NFT, and the whole cannot be broken down into smaller units and used. These traits denote non-fungibility, hence the name NFT.

NFTs Offer Options to Create and Trade Rare and Unique Digital Assets

NFTs are provably scarce assets. Each non-fungible token contains computerized code that verifies it is the only asset with its specific digital identity. This all-important characteristic is useful for creating unique digital goods, and can even be used to represent rare physical assets, whose provenance (historical record of ownership) can be tracked and cryptographically verified through its underlying blockchain protocol. The possibilities for exclusive and rare items that can be traded — such as digital art, collectibles, or game pieces — are endless. Platforms like Open Sea, Super Rare, and Nifty Gateway bring NFTs to an ever-growing consumer base.

Non-Fungible Tokens Use the ERC-721 Token Standard

Ethereum is the most popular blockchain for creating NFTs today, as NFTs are typically built with the ERC-721 token standard. This standard outlines a minimum set of features that each non-fungible token should possess, but it does not limit potential extra attributes of NFTs.

Use Cases for NFTs Include:
  • Creating digital or crypto-collectibles
  • Managing ownership of digital items within blockchain-integrated games 
  • Proving authenticity of digital art, while allowing artists to retain their copyright and intellectual property
  • Devising a digital identity system that allows users to control their data from one place
  • Allowing fractional ownership of high-value items, such as real estate

One of the earliest and most popular applications for NFTs is the Ethereum-based game CryptoKitties, which allows players to buy, sell, and breed digital cats. CryptoKitties launched on November 28, 2017 and within two weeks had more than 150,000 users and $15 million in transactions. A single CryptoKitty was sold for $170,000, which made the platform a viral sensation, attracting a new audience of gamers to Ethereum along with global mainstream attention.

CryptoKitties was successful, but that success led to serious transaction congestion on the Ethereum network. The resulting scramble to accommodate network scalability — plus the large amounts of capital being exchanged for digital cats — drove many news organizations to cover CryptoKitties. This brought significant awareness to blockchain as a technology that can offer more than just cryptocurrencies.

Future of Non-Fungible Tokens

Since then, NFT gaming has grown tremendously. Dapper Labs, the company behind CryptoKitties, began partnering with other NFT providers in January 2019 to allow interoperability between game platforms.  This means that a native NFT from one platform can now be utilized in another. A number of mainstream organizations have developed NFT projects — such as NBA Top Shot, created by game developer Ubisoft and the National Basketball Association (NBA).

The potential for NFTs has expanded significantly beyond gaming. Businesses and blockchain projects are exploring how to use non-fungible tokens for identifying, certifying, and ticketing, and for granting fractional ownership of both digital and real-world items. NFT use cases can include any instance where there is a need for clear ownership and traceability.

While NFTs still face challenges with regard to interoperability and scalability, the technology has shown its utility in proving uniqueness, scarcity, and ownership for both digital and real-world assets. Already a staple in blockchain gaming and collectibles, NFT technology has proved to be a large growth sector of the blockchain industry as use cases expand into digital identity records and representation of scarce real-world assets.

Need more Explainers?

Check out the Crypto Council’s resources for all your explainer needs. More content added regularly.

Tags: bitcoincryptocryptocurrencyethereumexplainerNFT Explainerwhat is cryptocurrency
Tweet

Related Posts

Ethereum Staking Mechanics: A Step-by-Step Explanation
CCI News

Ethereum Staking Mechanics: A Step-by-Step Explanation

March 10, 2025
• Chain abstraction technology shows great promise and has the potential to address the greatest challenges to the adoption of Web3.
Explainers

What it Chain Abstraction and What Does it Solve?

December 7, 2024
Load More
Next Post
What is Cardano?

What is Cardano?

By Categories

  • CCI News
  • Comment Letters
  • Congressional Testimony
  • Crypto in Action
  • Data
  • Explainers
  • Letter
  • News Analysis
  • Pinned Event
  • Policy Briefs
  • Press Releases
  • Previous Events
  • Recent Coverage
  • Report
  • Uncategorized
  • Upcoming Events
  • About
  • Contact

© 2025 Crypto Council For Innovation.

No Result
View All Result
Subscribe
  • Home
  • About Us
    • Leadership
    • Membership
    • Careers
    • CCI News
    • Contact
    • Events
    • Press Release
    • Recent Coverage
  • Analysis
    • All Analysis
    • Crypto in Action
    • Explainer
      • All Explainers
      • DeFi
      • NFT
      • DAO
      • Layer 1s
      • Layer 2s
      • Government
      • Infrastructure
    • News Analysis
  • Recent Coverage
  • Comment Letters
  • Policy Briefs
  • Reports
  • Security
  • Financial Literacy
  • Policy
  • EU Elections
  • In Action
  • Explainer
    • All Explainers
    • DeFi
    • NFT
    • DAO
    • Layer 1s
    • Layer 2s
    • Government
    • Infrastructure

© 2025 Crypto Council For Innovation.

Saskia Seidel

Policy Fellow

Saskia Seidel is the Policy Fellow at CCI, conducting legal and policy analysis on crypto regulations and legislative developments across key jurisdictions. She examines bills and regulatory proposals as well as case decisions, providing insights into the evolving landscape of digital assets policy.

Saskia holds a Master of Laws in International Business and Economic Law from Georgetown University Law Center. Originally from Germany, she earned a Bachelor's degree in Law and Economics and passed the First German State Exam in Law to qualify in the legal system.

Before joining CCI, Saskia worked at various law firms specializing in corporate and international tax law, where she developed a strong understanding of how businesses navigate legal and regulatory challenges in a cross-border context and advising on complex legal matters.

Krisina Antonio

Office Manager / Administrative Assistant

Krisina Antonio is the Executive Assistant to the CEO and DC Office Manager at CCI. Prior to joining CCI, Krisina has led executive offices in education and finance. She also worked within the pro-sports sales and marketing space for teams within the NFL, MLS, and Minor League Baseball

Emily Ekshian

Communications Specialist

Emily Ekshian is the Communications Lead at CCI, working closely with the communications team on branding, marketing and publicity efforts. She holds a Master of Science in Journalism from Columbia University’s Graduate School of Journalism, with concentrations in Finance, Technology, and Human Rights.

She also earned a Bachelor of Arts in Political Economy and Media Studies, with a Minor in Human Rights, from the University of California, Berkeley. Emily is passionate about the intersection of blockchain, digital assets, and global policy, focusing on how emerging technologies can support climate resilience, financial inclusion, and freedom of expression.

Through her work, she explores the transformative potential of Web3 in addressing global challenges and advancing positive social impact.

Renee Barton

Director, Impact Research

Renée leads Impact Research at CCI, documenting real world Web3 use cases to create shared understandings of how Web3 technologies are shaping the future for people and communities. She has ten years of experience examining the policy, economic, and community development implications of technology deployments.

She previously led primary ethnographic research at the Crypto Research and Design Lab (CRADL), where her research helped policymakers and business leaders understand why people are turning to crypto through evidenced-based insights.

Prior to her work at CRADL, Renée advised public, private, non-profit, and philanthropic clients at the intersection of technology, economic development and community-building.

Giles Swan

European Public Police Advisor

Giles has been a regulator, policymaker, the policy lead of a major digital asset service provider and the global policy director of a leading investment fund trade association. Giles advises trade associations, investment funds and asset managers, and web3 and crypto firms, on public policy, licensing, regulation and advocacy. During his time as a policymaker,

Giles was a national expert on the Investment Management Standing Committee of the European Securities and Markets Authority’s (ESMA), a national representative on the Standing Committee on Investment Management of the International Organization of Securities Commissions (IOSCO) and a member of the European Union’s Council of Ministers Financial Services Working Party.

Giles holds a BA in Banking and Finance, first class, from London Guildhall University, an MSc in Finance and Investment from CASS Business School and professional certificates in teaching and learning, and blockchain strategy.

Peter Herzog

Associate Director, State Government Affairs

Peter Herzog is a dedicated government affairs professional, specializing in issues impacting emerging financial technologies. As the Associate Director of State and Local Government Affairs at the Crypto Council for Innovation, Peter oversees initiatives to advance responsible regulation for the digital asset industry across state and local governments.

He has developed a pragmatic approach to building relationships with key decision makers and navigating nuanced policy issues. Before joining CCI, Peter served on the government relations team at the digital mortgage startup Better.com, where he led the organization’s state government relations strategy. He began his career at the Health and Medicine Counsel, a boutique healthcare lobbying firm on Capitol Hill,

where he was one of the youngest registered lobbyists in Washington, DC. His former clients include patient advocacy organizations, trade societies, and pharmaceutical companies. Peter holds a Bachelor’s Degree in Government and International Politics from George Mason University.

Ryan Eagan

Associate Director, Federal Affairs

With nearly 10 years of experience working for Senate Majority Leader Charles E. Schumer, Ryan advised the Leader on a wide array of banking policies and housing priorities. He worked with members in the House and Senate and the relevant Committees to advance legislative priorities.

This includes federal responses to COVID such as the American Rescue Plan,statutory changes to securities law, ESG rulemaking, cryptocurrency policy, and certain appropriations topics.

He graduated Williams College with a BA in both Political Science and History.

Rashan Colbert

Director, U.S. Policy

Rashan A. Colbert is the US Policy Director for the Crypto Council for Innovation. A seasoned policy leader with extensive experience in government, politics, and the crypto industry, he has served as a senior legislative advisor in the U.S. Senate, led policy efforts for a cutting-edge DeFi protocol, and has amassed a high-powered network across the public and private sectors. As Head of Policy at dYdX Trading, Rashan took the firm’s advocacy strategy and effort from zero to one.

His work involved educating policymakers, advising company leadership on policy risks, and ensuring DeFi’s importance to the future of the United States was well understood in Washington. Before transitioning to the private sector, he spent seven years in Senator Cory Booker’s office, where he led on technology, telecommunications, and commerce issues, with work focused on AI, big tech, social media regulation, and digital assets.

As Booker’s lead staffer on crypto policy for the Senate Agriculture Committee, he developed a deep understanding of fi nancial regulation and the legislative vehicles that will be used to shape it.

Patrick Kirby

Policy Counsel

Patrick is joining CCI as Policy Counsel, and brings considerable experience engaging with policymakers on emerging technology and financial services issues. Before joining CCI, he worked as an attorney in the US Policy & Government Relations group at the law firms Dentons and Squire Patton Boggs.

In those roles, he advised domestic and international clients on a variety of legal, policy, and regulatory issues related to technology, financial services, and digital assets. He assisted clients in developing and executing government relations strategies to further their legislative and regulatory interests before Congress and the Executive Branch.

In prior roles, he served as a legal intern at the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC).

Yele Bademosi

Africa Advisor

Yele Bademosi is the co-creator of Onboard, a community-first onchain neobank designed for creators and builders. Onboard's goal is to expand the onchain economy, making it accessible to anyone, anywhere, and empowering people to live radically better lives.

Throughout his career, Yele has invested in close to 100 startups globally, primarily in the financial services and onchain sectors. His purpose extends beyond geographical borders, aiming to leverage innovation, capital, and policy to create sustainable economic opportunities worldwide.

Sean Lee

Senior APAC Advisor

Sean is an advisor and entrepreneur in Web3 and FinTech, and has been frequently quoted in Reuters, Forbes, Bloomberg, CoinDesk, among others. Sean was previously the CEO of the Algorand Foundation, an MIT incubated Layer-1 blockchain protocol that reached top-10 by network valuation during his tenure.

He is currently leading the efforts at VSFG, a global financial services platform and the first licensed virtual asset manager in Hong Kong, to develop the regulated HKD stablecoin for programmable payment and cross border use cases across Asia and beyond. Before entering into crypto and blockchain, Sean spent 10 years and held global leadership positions in cloud computing and open source software development companies.

Sean also advises crypto startups and engages in mentorship and advocacy programs including the MIT Entrepreneurship & FinTech Innovation Node, the Chinese University of Hong Kong Business School, and the Hong Kong FinTech Association.

Matt Homer

Senior Advisor

Matthew Homer is the Founder & General Partner of The Venture Dept. Previously, he was an investor at Nyca Partners, a $1B+ AUM fintech VC firm, where he remains involved as an Operating Partner in an advisory capacity.

Before venture investing, he was Executive Deputy Superintendent at the New York State Department of Financial Services (NYDFS), where he oversaw the licensing and supervision of major digital asset firms, including some of the largest exchanges, custodians, and stablecoin issuers in the U.S.

Earlier in his career, he worked as a federal regulator at the FDIC, focusing on policy development and new technologies. Matt has also held operating roles in fintech startups, starting at Quovo and continuing at Plaid after its acquisition.

Laura Navaratnam

UK Policy Lead

Laura is a digital assets policy expert, and serves as the UK Policy Lead for CCI. Laura is a fintech policy expert, specializing in digital assets. Laura has worked in financial services policy for over 15 years. She worked at the UK Financial Conduct Authority for 7 years where she ultimately served as the Head of the FCA’s Innovate function,

which included all aspects of cryptoasset policy and fintech (sandbox, firm support, international engagement and strategy). She is also a Director at bespoke fintech consultancy Gattaca Horizons, supporting a broad range of US and UK based fintech clients and leveraging her experience to provide policy, regulatory and strategy advice.

She is also a Non-Executive Director for Zero Hash UK, a leading crypto-as-a-service provider.

Cameron Jones

Director, Strategic Initiatives

Cameron has over 30 years of experience in technology, philanthropy, and civil society sectors. She worked in the nonprofit and private sectors in the U.S., Europe, and Asia.

She developed and scaled strategic social good programs for leading tech companies, including Amazon, Microsoft, Adobe, Intuit, and VMware, leading the development of program delivery and marketing strategies.

At CCI she leads strategic initiatives, manages new partnerships and current members.

Amanda Russo

Director, Communications

She led C-suite media relations and content for IHS Markit research divisions across Europe, the Middle East and Africa. As a strategic communications advisor to CEOs, heads of state, and policymakers, Amanda worked on the World Economic Forum’s Public Engagement leadership team as Head of Media Content. Amanda started her career as a terrorism and intelligence analyst.

Yaya J. Fanusie

Director, Policy, AML & Cyber Risk

He spent seven years as an economic and counterterrorism analyst in the CIA, briefing federal law enforcement, military personnel, White House-level policy makers and the President. After government service, he joined the think tank world and as Director of Analysis at the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance led research on sanctions evasion and terrorist financing threats.

In 2016 he began tracking the illicit use of crypto and wrote some of the first public analysis on a terrorist crypto crowdfunding campaign. He later published a major study on efforts by Russia, Iran, Venezuela, and China to build national blockchain infrastructure. Yaya is currently an Adjunct Senior Fellow at the Center for a New American Security (CNAS) and Visiting Fellow at Georgetown's Psaros Center for Financial Markets and Policy.

He is a frequent media commentator and has testified before Congress multiple times on illicit financing issues. He is considered a leading expert on China’s CBDC.

Annie Dizon

Chief Operating Officer

With more than 20 years of tech, operations, and marketing experience, Annie has held several senior executive positions at the global social impact nonprofit TechSoup; most recently serving as Vice President of Customer Experience. Prior to TechSoup, she led marketing communications programs for leading Fortune 500 companies in the financial and professional services sectors.

Ji Kim

President and Acting Chief Executive Officer

Ji Kim is the President and Acting Chief Executive Officer of the Crypto Council for Innovation - the premier global alliance for advancing the promise of this new technology through research, education and advocacy. Prior to this role, he served as the Chief Legal & Policy Officer for CCI. Before joining CCI, he was General Counsel and Head of Policy & Regulatory Affairs at Gemini, a global digital asset exchange and custodian.

In his role, Ji led the legal, policy, and regulatory affairs teams and also set and implemented Gemini’s global strategy for engaging with regulators, policymakers, and the government. Prior to that, he was a senior attorney at Kraken, another global digital asset exchange. In prior roles, he was an attorney at Willkie Farr & Gallagher LLP and served as Federal Judicial Law Clerk to the Honorable Robert D. Drain of the Southern District of New York, U.S. Bankruptcy Court.

In prior roles, he was an attorney at Willkie Farr & Gallagher LLP and served as Federal Judicial Law Clerk to the Honorable Robert D. Drain of the Southern District of New York, U.S. Bankruptcy Court.

Sheila Warren

Senior Global Policy Advisor

In 2023, Sheila was voted one of the most influential women in DC by the Washingtonian. Prior to the Crypto Council, she founded the World Economic Forum’s blockchain and digital assets team and was a member of the Executive Leadership Team. She oversaw tech policy strategy across 14 countries and regularly briefed ministers, CEOs of the Fortune 100 and Heads of State.

She spent significant time as a lawyer and executive in the nonprofit sector helping companies work with emerging technology to solve problems and increase efficiency. She was on the leadership team at TechSoup and built NGOsource, an online service that helps US foundations reduce costs on cross-border grants.

Sheila began her career as a Wall Street attorney at Cravath, Swaine & Moore LLP after earning her J.D. at Harvard Law School. She graduated magna cum laude from Harvard College with a degree in Economics. She is the co-host of Money Reimagined, a CoinDesk podcast.

Senator Cory Gardner

Senior Political Advisor

Senator Gardner honorably represented the state of Colorado from 2015 to 2021 after two terms in the United States House of Representatives. During his tenure, Cory was consistently recognized as one of the most bi-partisan members of the Senate, sponsoring and passing milestone legislation like the Great American Outdoors Act,

America COMPETES Act, the Asia Reassurance Initiative Act and the 988 Suicide Prevention Hotline. He served on the Senate Committee on Foreign Relations, Senate Committee on Energy and Natural Resources, and the Senate Committee on Commerce, Science, and Transportation.

Mark Foster

EU Policy Lead

Mark has over 20 years of experience advising public and private sector entities on EU policy and politics. He started his career in Brussels as a European Parliamentary Assistant from 2003 to 2007. He later developed expertise in EU financial services as a Senior Official in the UK Permanent Representation.

In 2011, he moved to Kreab, a global public affairs and consultancy firm, where he became Partner in the financial services practice. He has held elected roles in trade associations including vice-chair at the financial services committee of AmCham EU and he retains a role as vice-chair for the EU/UK task force at the British Chamber of Commerce to the EU.

Mark was VP of Government Relations at Barclays from 2019-2021 before establishing his own business – Strategic Advisory Management - at the start of 2022.

Alison Mangiero

Senior Director, Staking Coalition & Industry Affairs

Alison Mangiero is the Executive Director of Proof of Stake Alliance (POSA), a CCI project that advocates for clear and forward-thinking public policies that foster innovation in the rapidly growing, sustainable, multi-billion dollar staking industry.

Alison began working in the industry in 2018, when she founded the Tocqueville Group (“TQ”), an entity that created open-source software and other public goods for Tezos, one of the first proof-of-stake blockchains to launch. Before founding TQ, she spent a decade in public policy and academia, and has broad experience fundraising and growing membership associations.

A passionate advocate of the liberal arts, Alison also teaches courses on leadership at the College of the Holy Cross and is on the Executive Board of Advisors for the University of Richmond's Jepson School of Leadership Studies.An alum of the University of Richmond and Boston College, Alison lives in the New York City suburbs with her husband and two young daughters.