NFT
Technology & Computing abbreviation · Cryptocurrency & Blockchain
| Stands for | Non-fungible token |
|---|---|
| Categories | Technology & Computing |
NFT stands for Non-fungible token, a cryptocurrency & blockchain abbreviation.
A unique digital token recorded on a blockchain that proves ownership of, or rights to, a specific item such as digital art, a collectible, an in-game item or a ticket. Unlike bitcoins or dollars, each NFT is distinct and not interchangeable.
Example: The artist sold the NFT for 2 ETH and keeps a 10 percent royalty on future resales.
Usage notes
Early projects include CryptoPunks (2017) and CryptoKitties, whose popularity clogged Ethereum that December. NFTs boomed in 2021, when Beeple's "Everydays: The First 5000 Days" sold at Christie's for $69.3 million, and Collins Dictionary named NFT its word of the year; trading volumes collapsed in 2022. Buying an NFT usually does not transfer copyright, and the linked image is often stored off-chain. "Fungible" means interchangeable, like units of a currency.