What is NFT? - getting to know the term | Blog | WebOrigo

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What is NFT? - getting to know the term

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The term NFT is spreading at lightning speed, and you don't have to be a frequent visitor to the digital world to see the acronym. But most people - apart from hearing that some items can be worth tens of millions of dollars - don't know exactly what it is.

Intangible, yet it costs a lot of money


NFT is short for Non-Fungible Token, and its birth dates back to 2017. The tokens are issued on the Ethereum blockchain, which can be used to prevent data from being tampered with. It's all about uniqueness, created by a line of code attached to an image, animation, video, or even a sound file - that's what NFT stands for. 


With the aforementioned blockchains, it has become possible in the digital space to make something unique and unrepeatable, because digital units record the imprint, the time of the transaction, the owner, and the contract. All this is public and traceable, and the buyer can bid for the content with Ethereum cryptocurrency.


What is NFT for?


Most of the irreplaceable tokens are digital creations, which have opened up and made it easier for artists to sell their creations themselves. The point of NFT is to ensure that ownership of a token is secured and that the person can prove that they are the owner of the original. 
 

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