> For the complete documentation index, see [llms.txt](https://docs.npc.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.npc.com/npc-is-the-first-meme-fungible-token/but-what-are-meme-fungible-tokens-mfts.md).
# But What Are Meme Fungible Tokens (MFTs)?
It's high time we have a new class of NFTs that are tradable like memecoins. We're calling them **meme fungible tokens** (MFTs) and Non-Playable Coin (NPC) is the first.
### Defining the Term
> **A Meme Fungible Token** (MFT) is a type of token that holds the metadata of a JPEG, and can be transformed into a tradable token on Uniswap and other decentralized exchanges.
MFTs are essentially high-supply, liquid JPEGs that are versatile in all markets. It's basically a JPEG that trades like a meme coin.
### Converting between Two Markets
A core feature of MFTs is you can trade them anywhere.
MFTs can convert between being a JPEG (ERC1155)—tradable on NFT marketplaces—and a meme coin (ERC20), tradable on Uniswap.
These two tokens are identical in value. You can convert using a wrapper.
### Non-Playable Coin (NPC) is the first meme fungible token (MFT)
Just [use the dApp on our home page](https://www.nonplayablecoin.io/transform) to see how an MFT works in practice.
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