NFT stands for non-fungible token. An NFT is a digital asset that has a unique identity recorded in a database. Translation? An NFT is a special bit of Internet content that has a “record” that allows its ownership to be tracked as it is traded from person to person. As of 2021, NFTs often take the form of digital content, such as a JPEG, GIF, or video. In the early 2020s, NFTs dramatically increased in value as collectors started paying millions of dollars for them. NFTs work similarly to cryptocurrencies like Bitcoin or Dogecoin. Example: Did you hear about the digital artist who sold a cat meme NFT for $30 million?
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