Non-Fungible Token (NFT)

NFT stands for “Non-Fungible Token” and refers to a cryptographic token on the blockchain that cannot be replicated or replaced. NFTs act as certificates for the authenticity and uniqueness of a digital asset and give the owner proof of ownership. NFTs are created via smart contract technology (e.g. ERC-721 token standard).

Especially in the art and music scene, digital works have recently been offered as Non-Fungible-Tokens. In March 2021, Twitter CEO Jack Dorsey’s first tweet was auctioned off as a NFT for $2,9 million.

See also: Blockchain Explorer, Decentralized Finance (DeFi).