NFT Wiki

A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain).

NFTs can be associated with easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items (analogous to a certificate of authenticity), and use blockchain technology to give the NFT a public proof of ownership. Copies of the original file are not restricted to the owner of the NFT, and can be copied and shared like any file. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.

The first NFT project was in 2015 on the Ethereum blockchain, and it has since grown to be a significant sector of the Western art industry.

NFTs have drawn criticism with respect to the energy cost and carbon footprint associated with validating blockchain transactions as well as its frequent use in art scams. Further criticisms challenge the usefulness of establishing proof of ownership in an unregulated market based on digital files that are easy to copy.

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