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: