Definition of NFT

NFT is the abbreviation of Non-Fungible Token. NFTs are digitally owned assets. The smart contract technology behind NFT makes ownership possible. This way they can function and display characteristics of paintings in a digital form. Meaning the NFTs cannot be replicated or forged because ownership is established on the blockchain.

NFT used in a sentence

‘’the technology of NFTs is a way of linking ownership to digital objects.’’

‘’I own this Cryptopunk NFT, I now have my own unique piece of digital art!’’

‘’In the future, when Web3 further develops, more utilities can be added to NFTs, e.g. digital identities, housing sales, etc.’’

History/information/research of the term NFT

Quantum, the artwork, was originally minted in May of 2014 and is widely considered as the first-ever NFT by many, including the auction house. Recently it was auctioned for $1.47 million in June 2021 at Sotheby’s “Natively Digital” sale.

Source

For more information about NFTs in general or some basic information about investing in NFT projects please visit the following articles: