What is an NFT in Terms of Digital Tokens?

Posted on 03/14/2021

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NFTs stands for Non-Fungible Tokens.

NFTs are cryptographic assets on blockchain with unique identification codes and metadata. NFTs cannot be traded or exchanged at equivalency, which makes them different from cryptocurrencies like Bitcoin. For example, Bitcoin is a fungible token.

NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs are being used to represent real property such as artwork, real estate, and other tangible assets.

Examples
Celebrities such as Grimes and Lindsay Lohan have issued NFTs. An NFT from digital artist Beeple sold for US$ 69,346,250 to crypto asset investor known by the pseudonym “Metakovan,” auction house Christie’s confirmed. The item was called “Everydays: The First 5000 Days”. Metakovan is the founder and funder of Metapurse, the largest NFT fund in the world. Beeple is Mike Winkelmann, a graphic designer from Charleston, South Carolina.