NFT (Non-Fungible Token)
A unique token on the blockchain that confirms ownership of a specific digital (or physical) asset — unlike cryptocurrencies, it isn't interchangeable 1:1.
An NFT (non-fungible token) is a token recorded on the blockchain that represents ownership of a specific, unique asset — an image, a piece of music, an in-game item, or even a document confirming ownership of a physical object. Unlike cryptocurrencies such as Bitcoin, where every unit is identical and interchangeable 1:1 (fungible), each NFT is unique and has its own ownership history recorded on the chain.
The NFT market saw explosive growth in popularity in 2021, and trading volume has shrunk significantly since then, although the technology is still used in areas such as blockchain gaming and digital ticketing.