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Definition: non-fungible token


A certification of ownership to a digital file. Dating back to the 2010s, a non-fungible token (NFT) represents a digital version of any artwork or collectible, many of which were created in, and have never been in anything but, the digital world. Items can also be real-world objects, and the NFT represents the digital image of them.

The NFT uses blockchain technology to guarantee that this user is the only one with rights to the original file. Many people think NFTs are insane because every copy is identical to the original, and copies can be made in a heartbeat. See screen capture and crypto art.

Nevertheless, 2021 Was a Bonanza Year
In March 2021, 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.

Also in March, Twitter founder Jack Dorsey sold his very first tweet as an NFT for nearly $3 million. The proceeds were donated to charity.

A YouTube video entitled "Charlie bit my finger" was posted on YouTube in 2007. Viewed hundreds of millions of times, in May 2021, the NFT of the video was sold for $760,000.

For Real or a Fad?
Proponents claim NFTs are a new form of art. Opponents say this is insanity when sale prices reach the stratosphere, and it will all come tumbling down.

However, non-fungible tokens 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 CryptoPunks, fungible token, blockchain and Ethereum token.




Charlie Bit Me!
Although Dubai-based 3F Music purchased the NFT of the video, the buyer decided not to remove it from YouTube because of its cultural value. Having been viewed more than 800 million times, the video gained huge notoriety. The proceeds will pay for Charlie's and brother Harry's education with the rest going to charity.