Word
NFT
Phoneticsnft
/ˌɛnɛfˈti/
Definition
n. Stands for Non-Fungible Token. A unique digital certificate that proves you own a specific online item, like a piece of digital art. It is stored on a secure public database called a blockchain.
n. Abbreviation for Non-Fungible Token. A unique digital identifier recorded on a blockchain that certifies ownership and authenticity of a specific digital asset. It cannot be copied, substituted, or subdivided.
Examples
“She owns an NFT of a popular meme.”
“The artist decided to sell her latest digital illustration as an NFT, allowing collectors to bid on the verified original file.”
“While critics dismiss them as speculative bubbles with severe environmental costs, proponents argue that NFTs fundamentally revolutionise digital property rights by enabling verifiable scarcity.”
Examples
simple
“She owns an NFT of a popular meme.”
contextual
“The artist decided to sell her latest digital illustration as an NFT, allowing collectors to bid on the verified original file.”
complex
“While critics dismiss them as speculative bubbles with severe environmental costs, proponents argue that NFTs fundamentally revolutionise digital property rights by enabling verifiable scarcity.”
Usage
An initialism for 'non-fungible token'; typically pronounced by naming the letters individually.
Etymology
Initialism of non-fungible token — non-fungible meaning not interchangeable, since each token is unique.
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.