NFT stands for Non-Fungible Token. It’s an immutable, unhackable digital record that stores what’s called a “smart contract.” An NFT proves ownership of a unique digital asset like art, music, photos, videos, tickets to events, virtual land in video games, membership cards, tweets…
An NFT documents:
- Who created it
- When it was created
- Who bought it (and when)
- The price(s) it solds for
- Who owns it now
Because NFTs are verified on a blockchain, the data is public. Anyone can trace an NFT from the original creator all the way to you. Before NFTs, it was nearly impossible to verify the authenticity or ownership of a digital asset. Now, digital assets have provenance. Fancy.