A Non-fungible token (NFT for short) is a one-of-a-kind digital identifier that cannot be duplicated, substituted, or subdivided. It is recorded in a blockchain and can be transferred by the owner, making NFT’s sellable and tradeable. NFT’s frequently include references to digital files like photos, videos, and audio.
NFT's fall within the Crypto/Blockchain category and more broadly in Fintech (Financial techhnology).
NFT proponents claim that NFT’s provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT are not always clear. The NFT market expanded dramatically from 2020 to 2021, but prices fell sharply in 2022, with a May 2022 estimate indicating that sales were down more than 90% from their peak in 2021.
Since their inception the technology has been incorporated into a number of different projects commercial and non-commercial and used across various industries notably by artists for selling digital copies of their artwork.
Full page on our tech glossary: https://agrtech.com.au/glossary/nft-non-fungible-token/
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