Source | Capital.Com
You may have heard that the latest trend in the cryptocurrency world is buying and selling NFTs – sometimes for millions of dollars. But what does NFT stand for and what is behind all the excitement?
The non-fungible token (NFT) gained traction in 2020, drawing attention from the mainstream media and extending interest beyond blockchain technology enthusiasts to investors and consumers.
The acronym NFT stands for non-fungible token. NFTs are giving content creators a new level of control over their work, particularly in the worlds of digital art and collectibles. As assets that carry value, NFTs can also be used in the growing decentralised finance (DeFi) space, bringing together two aspects of the blockchain ecosystem that are exploding in popularity.