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A crypto token is a broad category; an NFT is one kind of crypto token, distinguished by being non-fungible. Fungible tokens have interchangeable units, while each NFT is a distinct token. Neither label tells you by itself what rights you are buying or whether a sale is subject to U.S. securities laws. Before paying, check the asset’s function, sale terms, transfer path, and how you will control access to it.
What is the difference between a crypto token and an NFT?
“Token” describes a digital asset represented or managed on a blockchain; tokens can be fungible or non-fungible. Fungible units of the same token are generally interchangeable. An NFT is non-fungible: it is identifiable as a distinct unit rather than interchangeable with another unit. NIST describes an NFT as “an owned, transferable, and indivisible data record that is a digital representation of a physical or virtual linked asset” in its March 2024 report, NIST IR 8472.
That distinction is about the token, not necessarily the thing it represents. An NFT may be linked to digital art, another virtual item, or a physical asset, but the token is not automatically the media file, the physical item, or every right associated with either. A fungible token likewise can serve different purposes; ERC-20 is one common smart-contract representation of fungible tokens, not a definition of every crypto asset.
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What does buying one actually give you?
Ownership of a token should not be confused with ownership of copyright or unrestricted rights to linked content. The token may record an association with an artwork or other asset, while the creator’s or issuer’s terms specify any license, access, use, or transfer rights. Read those terms and check what happens if the linked website, application, or service changes or closes.
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- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
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- For an NFT: identify what the token points to, whether the content is hosted separately, what license or access is granted, and whether those rights can be changed or transferred.
- For a fungible token: identify its function and any promises or rights made by its issuer or project. A token’s label alone does not establish what it is for.
How do token and NFT labels relate to U.S. securities law?
Neither “token” nor “NFT” settles whether a particular offering or sale is subject to U.S. federal securities laws. An SEC and CFTC interpretation effective March 23, 2026, describes five broad crypto-asset categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. The categories turn on characteristics, uses, and functions—not simply whether an asset is fungible.
The SEC explains that a digital security is a financial instrument represented by a crypto asset, and that a crypto asset that is not itself a security may still be offered or sold as part of an investment contract. The representations, promises, and facts surrounding a transaction can matter. So an NFT is not automatically outside securities law, and tokenization alone does not make an asset a security. This is a U.S.-specific overview, not a legal determination about any particular asset; other jurisdictions may apply different rules. See the SEC/CFTC interpretation, the SEC’s crypto-asset categories explanation, and its overview of transactions involving crypto assets.
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What should you check before buying?
- Identify the asset: confirm the network, contract or NFT collection, token identifier where relevant, and the identity of the seller or issuer.
- Read the terms: establish what is promised, what rights transfer, what is only licensed, what can change, and what happens if linked content or a service becomes unavailable.
- Check the transaction route: verify the marketplace or platform, applicable transaction and transfer fees, network compatibility, and that the seller controls the asset being offered.
- Understand custody: decide whether a platform or you will control the credentials needed to access and transfer the asset. Check account recovery, security practices, privacy, and withdrawal or transfer fees.
- Scrutinize investment claims: promises of appreciation or reliance on an issuer’s future efforts may be relevant to U.S. investment-contract analysis. A category name is not a legal safe harbor.
- Compare the whole purchase: consider rights, utility, transferability, liquidity, dependence on an issuer or service, custody, fees, and the possibility of losing value or access—not just the displayed price.
How does crypto custody work?
A crypto wallet does not hold crypto assets in the way a physical wallet holds cash. It stores private keys or passcodes used to access and authorize transactions involving assets recorded on a blockchain. If you use a hosted service, understand who controls those credentials and what recovery or withdrawal options exist. If you use self-custody, protect the credentials: anyone who obtains them may be able to control access, and losing them can put access at risk. Never share a seed phrase or private key. Investor.gov’s crypto asset custody guidance explains the key role of wallets and custodians.
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There is no general winner. A fungible token may suit a buyer seeking interchangeable units for a particular function; an NFT may matter to someone seeking a distinct on-chain record linked to a particular item or access right. Those descriptions do not guarantee utility, ownership rights, liquidity, or investment performance. Make the decision from the specific terms, function, transaction, and custody arrangement—not from the words “token” or “NFT.”
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- Protect your digital assets with the industry's best security: keep your private keys offline in your private signer, battle-tested by the Donjon's white hat hackers, CC EAL 6+ certified Secure Element, constantly updated Ledger OS.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
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Rank #3
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
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