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What is an NFT?
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 5 min
In short
An NFT is a token that records something as a unique, non-interchangeable item. It records ownership — it does not necessarily transfer copyright.
Key points
- A token with no identical twin
- Ownership records and copyright are different things
- Extremely volatile
Definition
A non-fungible token: issued in individually identifiable units.
One bitcoin is interchangeable with another; NFTs are each identified separately. That property is used to represent artwork, memberships and in-game items.
The image itself is often not stored on-chain but referenced by URL. If that reference disappears, the artwork stops displaying — worth checking before buying.
Watch out for
- · Counterfeit collections are common — always navigate from the official contract address