Definition of"nft" in English
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nft
Definitions
Noun
Examples
"She spent a considerable amount of money to acquire a rare NFT from a well-known digital artist."
She spent a considerable amount of money to acquire a rare NFT from a well-known digital artist.
"The gaming company announced that in-game items would soon be available as NFTs, allowing players true ownership."
The gaming company announced that in-game items would soon be available as NFTs, allowing players true ownership.
Etymology
An acronym for 'Non-Fungible Token'. 'Non-fungible' means unique and not interchangeable (e.g., a specific painting is non-fungible, while a dollar bill is fungible). 'Token' refers to a unit of value or data on a blockchain.
Cultural Notes
NFTs gained significant cultural prominence in the early 2020s, becoming a major trend in the art and entertainment industries. Their rise sparked discussions about digital ownership, intellectual property, and the value of digital assets. While their initial hype has somewhat subsided, NFTs continue to be a foundational technology for various applications within the Web3 space, including digital identity, gaming, and decentralized finance.