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NFTs Vs Cryptocurrency Vs Digital Currency


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What are NFTs?

  • NFT stands for Non-Fungible Tokens
  • These are unique digital assets representing real world items
  • Could be in audio, video, photo or document format
  • Bought and sold online, and managed in a digital ledger
  • Aren’t mutually interchangeable, hence can’t be exchanged or replaced for one another
  • Transactions occur on a blockchain which are written in digital ledger, and publicly records each NFT transaction
  • Sold in collaboration with auction houses or in MFT marketplaces
  • NFT creator has copyright of the item and can make copies of the same. However, NFT buyer needs creator’s permission to make copies of the same.

What is Cryptocurrency?

  • Encrypted from of digital currency
  • Doesn’t need financial institutions to verify transactions
  • Stored in a digital wallet
  • Transactions occur on a blockchain and recorded in a public ledger
  • Referred to as tokens – allows users to trade for product or services
  • Users need to exchange real currency for cryptocurrency to purchase product or service
  • Popular cryptocurrencies: Bitcoin, Ethereum, Litecoin, Tether

What is Digital Currency?

  • Electric format of physical currency
  • Stored in a digital wallet
  • User can turn digital currency into physical currency by withdrawal from bank/Atm
  • Can be exchanged for each other
  • Can be done from anywhere in the world

Basic Differences

NFTsCryptocurrencyDigital Currency
ExamplePM Lee’s “Creator coin” on BitcoinBitCoin (BTC), Ethereum (ETH)China Digital Yuan
Regulated or UnregulatedUnregulatedUnregulatedRegulated by government or central financial institution
How is the value determinedDepends on asset valueDepends on market fluctuationTied to real-world currency value
Tradeable or notCan’t be traded for each otherCan’t be tradedCan’t be traded
TransparencyTransparentTransparentNot Transparent


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