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Definition: NFT


(Non-Fungible Token) A guarantee of ownership recorded on Ethereum or a similar blockchain network. Although an NFT can certify ownership of any object whether digital or physical, it is mostly used to record the ownership of art and collectibles. However, an NFT can verify ownership of land in a virtual world, a membership in a group; essentially an irreversible guarantee of title to anything. See Ethereum.

What Does Non-Fungible Mean?
It means "unique," because anything that "is" fungible is not. For example, dollar bills are fungible. One is the same as the other. See fungible token.

The Object Is in a Separate Place
The NFT is a "smart contract," which is a program on the blockchain written in the Solidity language; however, the actual object, which is typically a digital image or document, is stored elsewhere, and the NFT provides a link to that location. If the actual object is a real physical item, the NFT links to a digital photo of it. A popular storage option for NFTs is IPFS, which was designed for longevity (see IPFS). See Solidity.

2021 Was a Bonanza Year for NFTs
An NFT-based collage of 13 years' worth of daily digital art was auctioned at Christies. "Everydays" by American artist Mike Winklemann, who goes by the moniker "Beeple," sold for $69 million.

Twitter founder Jack Dorsey sold his very first tweet as an NFT for nearly $3 million and donated the proceeds to charity. Even the simplest images have sold for millions (see CryptoPunks).

A Fad or Real?
Proponents claim NFTs are a new form of art. Opponents say this is insanity as sale prices of computer-generated art have reached the stratosphere. Nevertheless, NFTs may indeed be the way ownership rights to all kinds of intellectual property are secured in the future. The blockchain architecture guarantees proof of ownership. Stay tuned! See OpenSea, NFT rug pull, crypto art, Cirus platform, blockchain and Ethereum token.




Charlie Bit Me!
In May 2021, Dubai-based 3F Music purchased the NFT of this video for $760,000 but decided to keep it on YouTube because of its cultural value. Since first posted in 2007, the video was viewed more than 900 million times. The proceeds are going to charity and the college education of Charlie and brother Harry.