1. What is a non-fungible token?

Consider the balance in your mobile wallet (say US$ 250). Is there any difference between each of these dollars? No, there isn’t. So we can say that this digital money is "fungible" - every dollar is exactly the same as another dollar.

Is every piece of art identical in value? No. A Picasso can be worth millions while a new artist's painting may be valued at $100. So, we can say that paintings are "non-fungible".

A Non-Fungible Token (NFT) is a unique token on a blockchain. It can be attached to any asset (tangible or not) to verify its authenticity and ownership.

Wait, there’s more. When you "buy" a digital version of a drawing from an artist you only get the right to use it for personal viewing. That’s because the artist holds the copyright over the drawing. But in an NFT, the artist can grant you special licenses e.g. the right to print the drawing on t-shirts and make money by selling those t-shirts. Now, isn’t that cool?

A Non-Fungible Token (NFT) is a unique token on a blockchain. It can be attached to any asset (tangible or not) to verify its authenticity and ownership.

Example: When you buy a book, you can read it. But you cannot legally translate it into another language and start selling the translated version. With an NFT, the author can give you translation and other rights.


2. The categories of NFTs

HyFi NFTs are divided into 3 broad categories:

A. NFTs involving IP licenses

A1. Broadcasting rights
A2. Copyright
A3. Domain names
A4. Geographical Indications
A5. Industrial designs
A6. Patents
A7. Plant variety protection
A8. Reprographic rights
A9. Semiconductor Integrated Circuits Layout Design
A10. Trademarks
A11. Trade secrets
A12. Other IP NFTs

B. Non-IP NFTs linked to physical assets

NFTs linked to physical assets
B1. Art (physical)
B2. Antiques
B3. Cars
B4. Celebrity memorabilia
B5. Coins
B6. Furniture
B7. Jewels
B8. Musical instruments
B9. Shoes
B10. Sports memorabilia
B11. Watches
B12. Wines
B13. Other Non-IP NFTs linked to physical assets

C. Non-IP NFTs linked to digital assets

NFTs linked to digital assets
C1. Art (digital)
C2. Collectibles (digital)
C3. Domain names
C4. Game items
C5. Metaverses
C6. Music
C7. Photography
C8. Software
C9. Trading cards (digital)
C10. Videos
C11. Virtual worlds
C12. Other Non-IP NFTs linked to digital assets


3. Mindmap of HyFi NFTs


4. Technical information

4.1 Creating a HyFi NFT
4.2 JSON output of a HyFi NFT
4.3 Technical documentation

Also see 4.3 HyFi NFT lifecycle management