What NFT means?

NFT means Non-fungible token. It is a cryptocurrency token used to essentially wrap around some digital content like an image. Physical money and cryptocurrencies are ‘fungible’ meaning they can be converted and traded for a different currency.

What NFT means?

NFT means Non-fungible token. It is a cryptocurrency token used to essentially wrap around some digital content like an image. Physical money and cryptocurrencies are ‘fungible’ meaning they can be converted and traded for a different currency.


Non-fungible tokens have become the craze during 2021 and do not look like they are going away anytime soon.  The concept is solving a simple problem of proof of ownership and NFT does it very well.


When a digital item such as an Image is created into an NFT the NFT part of the image proves ownership it can be transferred from one person to another and with the rights to the digital content.  


This solves a huge issue for artists and digital creators in copyrighting and protecting their work. As NFT is based on blockchain technology the full history or provenance of the image can be traced back to its origin. Anyone copying the image and creating a new NFT will have a more recent creation date thus proving that it's counterfeit.


NFT has done exactly what it set out to do, prove ownership without doubt. Artists, fashion designers, writers, movie makers can now internationally declare their work as their own without huge legal and copyright expenses.  


NFT can contain hidden data so if an author does not want people to download the latest novel but wishes to protect it using an NFT they can choose to hide the content. The content is only visible to the NFT owner and it's enough to prove ownership and creation date should there be a legal dispute.



Added : 5th May 2022, Author NFTCalendar.wiki