> 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. 

<figure><img src="/files/j9QN4Ay194o8EAa7OnwG" alt="" width="401"><figcaption></figcaption></figure>

### 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.&#x20;

These two tokens are identical in value. You can convert using a wrapper.&#x20;

### Non-Playable Coin (NPC) is the first meme fungible token (MFT)&#x20;

<figure><img src="/files/uBBAIAUcYZU6SwqPO2wA" alt=""><figcaption></figcaption></figure>

Just [use the dApp on our home page](https://www.nonplayablecoin.io/transform) to see how an MFT works in practice.