Glossary

From A to Z all the terms you need to skip the jargon and get started!

NFT

A Non-Fungible Token (NFT) is a unique digital asset representing ownership of a specific item or piece of content, such as art, music, collectibles, or virtual real estate.

NFTs are built on blockchain technology, ensuring that each token is one-of-a-kind and cannot be replicated or replaced. This distinguishes NFTs from cryptocurrencies like Bitcoin, which are fungible and interchangeable. NFTs have gained popularity as a way for creators to monetise their work and for collectors to invest in digital assets. 🎨

For example, the artist Beeple sold an NFT artwork called "Everydays: The First 5000 Days" for a record-breaking $69 million at auction house Christie's in 2021.

Fun fact: The first NFT project, CryptoPunks, was launched in 2017 by Matt Hall and John Watkinson. They created 10,000 unique, pixelated characters, which were initially given away for free. Today, some of these CryptoPunks have sold for millions of dollars, reflecting the meteoric rise of the NFT market. 😮💰