Non-Fungible Token (NFT) | Practical Law

Non-Fungible Token (NFT) | Practical Law

Non-Fungible Token (NFT)

Non-Fungible Token (NFT)

Practical Law Glossary Item w-030-5390 (Approx. 4 pages)

Glossary

Non-Fungible Token (NFT)

A unique digital asset that utilizes blockchain technology to record ownership of an asset and evidence authenticity. Unlike fungible tokens such as Bitcoin, NFTs cannot be traded for another identical token. Currently, the most common NFTs authenticate digital art, collectibles such as digital trading cards, and content (primarily video clips), which visually appear in gif, jpeg, or other common media formats.