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What Does NFT Mean?The abbreviation NFT means "Non-Fungible Token" and "No Further Text." Here is more information about each of these definitions of NFT, together with examples of use.
Non-Fungible TokenNFT is used with the meaning Non-Fungible Token to refer to a unique entry on a blockchain (the same decentralized digital ledger technology that underlies cryptocurrencies like bitcoin). Most bitcoin is fungible, which means that one coin is essentially indistinguishable from another and is equivalent in value. NFTs are unique, so they are "non-fungible." They can represent items that cannot be replicated, such as original works of digital art, original songs, unique images, trading cards, etc.
Whilst most NFTs are digital items, they may be be traded as a tangible items, such as jpeg images or PDF files. A small number of NFTs are actual physical objects.
When purchasing an NFT, you acquire both the ownership record of an item, as well as access to that item. Because they are stored on blockchain, NFTs are unquestionably authentic.
NFTs allow content creators to actually own the rights to their digital creations. For example, whilst anyone can copy an image or music file, NFTs prove ownership of the original piece of work and can therefore be traded for a much higher price. In addition, artists and creators can sell their work with conditional contracts that allow them to profit from future increases in value on resale.
NFTs came to mainstream attention in March 2021, when Christie's became the first major auction house to sell a fully digital, NFT-based artwork. The digital work of art, called "Everydays: The First 5000 Days," by Mike Winkelmann (also known as "Beeple") sold for over US$69.3 million. The work is a mosaic of images that the artist made every day for 5,000 days, up to January 2021.
Everydays: The First 5000 Days
No Further TextIn text messaging and in online chat, NFT is used with the meaning "No Further Text" as a way of signing off a message. For example:
- Toni: Gotta go. See you at school tomorrow.
- Jo: Okay, NFT. Bye.
Image for NFTWhen I write NFT, I mean this: NFT also means "No Further Text."
Summary of Key Points
First definition of NFT"Non-Fungible Token" is the most common definition for NFT in mainstream media, as well as on Snapchat, WhatsApp, Facebook, Twitter, and Instagram.
5: Extremely difficult to guess
Adults and Teenagers
Second definition of NFT"No Further Text" is another common definition for NFT.
|Definition:||No Further Text|
4: Difficult to guess
Adults and Teenagers
An Academic Look at NFTWhether used with the meaning "Non-Fungible Token" or "No Further Text," NFT is classified as an initialism abbreviation, because it is pronounced using its individual letters (i.e., "Enn Eff Tee"). Initialisms are different to acronyms, which are spoken like words.
Example of NFT Used in a Text
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