What is NFT?

NFT

What is NFT?
What is NFT?
NFT, the acronym for a non-fungible token, is a unit of data stored on a digital ledger called a blockchain that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, drawings, audio, artworks, tweets, animated GIFs, songs, games and other types of digital files.
 
NFTs are digitally unique due to different attributes, hence, two NFTs are never the same.
NFTs, seen as the start of a new age of digital art, are unique units of data stored on a blockchain and can be used to represent easily reproducible items to establish proof of ownership and authenticity.
 
Since each NFT is unique, it acts as a collector’s item, although many people also buy them as speculative investments. However, the NFT written on a blockchain cannot be altered or reproduced as blockchains are digital ledgers, where entries cannot be changed, once entered and saved.
 
NFTs allow people to buy and sell ownership of the unique digital assets in cryptocurrencies and keep track of who owns them using the Blockchain. An NFT can be sold, and every time it is sold, there will be a blockchain entry of transaction, so the provenance of the NFT is always known. NFT typically enables content creators to launch their own NFT store or marketplace under their domain name.
 
Sales of NFTs
 
In 2021, Twitter CEO Jack Dorsey’s first-ever tweet — “just setting up my twttr”— was sold as an NFT for $2.9 million. Among the biggest beneficiaries, digital artists like Beeple (Mike Winkelmann) entered the rec­ord books when a JPG file he creat­ed as an NFT sold for $69.3 million, the highest price ever paid for a piece of artwork that exists only digitally. The rock band Kings Of Leon’s eighth album, “When You See Yourself”, became the first maj­or rock album to be released as an NFT.
 
In October 2020, the NBA launched NBA Top Shot, a market­place where fans can buy and sell basketball-related NFTs — which can be anything from a still photo, a GIF to the highlight of a dunk with embedded graphics.

Latest Updates on NFT

Meta 'winding down' support for NFTs on Facebook, Instagram: Official

2 min read Last Updated :Mar 14 2023 | 11:04 AM IST
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A marketplace to unlock value for small, unseen interesting films

5 min read Last Updated :Feb 28 2023 | 10:25 PM IST
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Flipkart, Polygon partner to speed up Web3 & Metaverse e-commerce use-cases

3 min read Last Updated :Dec 02 2022 | 8:47 PM IST
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Meta to test ways to make & sell NFTs on Instagram to both fans, collectors

2 min read Last Updated :Nov 03 2022 | 10:44 AM IST
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Metaverse in India: The challenge of buying land and painting houses

5 min read Last Updated :Oct 12 2022 | 6:03 PM IST
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Sentiment around NFTs drops 14% in companies amid crypto downturn: Report

2 min read Last Updated :Aug 24 2022 | 9:44 PM IST
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NFT owners have zero ownership of their digital arts, says Report

2 min read Last Updated :Aug 23 2022 | 6:48 PM IST
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NFTs have 'fallen off the cliff' as sales, prices plummet in recent weeks

1 min read Last Updated :Jun 29 2022 | 10:14 PM IST
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India has the third most NFT companies headquartered in the world

2 min read Last Updated :May 27 2022 | 3:53 PM IST
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Music NFT marketplace FanTiger raises $5.5 mn from Multicon capital, others

2 min read Last Updated :May 26 2022 | 8:09 PM IST
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NFTs, Metaverse prices follow crash of cryptos; innovations finding favour

4 min read Last Updated :May 18 2022 | 6:10 AM IST
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NFT programming start-up Revise raises $3.5 mn in funding led by Alpha Wave

2 min read Last Updated :Apr 30 2022 | 12:38 AM IST
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Crypto firm MoonPay raises $87 mn from Bieber, Sharapova, others

2 min read Last Updated :Apr 13 2022 | 4:38 PM IST
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Visa enters the world of NFTs, to help digital-first creators

2 min read Last Updated :Mar 30 2022 | 11:08 PM IST
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Blockchain project Ronin hit by $615-million crypto heist

2 min read Last Updated :Mar 29 2022 | 11:17 PM IST
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NFT of late S P Balasubrahmanyam's last unreleased song to be out on Apr 9

2 min read Last Updated :Mar 29 2022 | 12:53 PM IST
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Buzz on virtual assets: Crypto industry sees exits ahead of new tax regime

4 min read Last Updated :Mar 28 2022 | 5:11 PM IST
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Startup's fundraise for cricket NFT gets Ronaldo among its backers: Report

2 min read Last Updated :Mar 18 2022 | 9:04 AM IST
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Facebook CEO Mark Zuckerberg planning to launch NFTs on Instagram

1 min read Last Updated :Mar 16 2022 | 11:16 PM IST
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From films to weddings, the metaverse is about to change everything

4 min read Last Updated :Mar 08 2022 | 6:02 AM IST
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