NFTs are unique digital tokens that prove ownership of something digital.
The acronym stands for non-fungible token: something that cannot be replaced or replicated while still retaining the same value. No two NFTs are identical, they have unique defining characteristics that distinguish them. Whereas something that is fungible can be exchanged back and forth, like the American dollar or bitcoin.
NFTs are growing in popularity at a rapid pace with celebrities, companies, and everyday people jumping on the NFT bandwagon. In 2021, over $22 billion were spent on NFTs, up from $100 million in 2020.
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