NFT (Non-Fungible Token)
A blockchain token that represents ownership of a unique item, where no two units are interchangeable.
A non-fungible token is a one-of-a-kind record on a blockchain. Bitcoin is fungible, one coin equals any other. An NFT is not: each carries a unique ID that lets it represent a specific item, art, a collectible, a domain, or a ticket.
Most NFTs live on Ethereum under the ERC-721 standard. The token proves ownership on-chain, though the image itself usually sits elsewhere, sometimes decentralized storage, sometimes a regular server.
Prices can be brutal. The 2021 boom faded hard, and many collections now trade for a fraction of mint price, or barely trade at all.
Related terms
The Ethereum standard for non-fungible tokens, giving each one a unique identifier so no two are alike.
MintingThe act of creating a new token or NFT and writing it onto a blockchain for the first time.
Floor PriceThe lowest price at which any item in an NFT collection is currently listed for sale.
TokenA digital asset issued on top of an existing blockchain, usually through a smart contract rather than its own network.