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.


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


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