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Blockchain & Crypto vocabulary · DeFi & NFTs

NFT

Meaning in blockchain & crypto, with examples

abbreviationCore term

In blockchain & crypto, NFT means: Short for non-fungible token: a unique token on a blockchain that proves who owns a specific item, such as digital art, a ticket or an in-game object. Unlike coins, one NFT cannot be swapped one-for-one with another.

In Turkish: değiştirilemez token, NFT

How it is used

Used in art, gaming, ticketing and marketing. You mint, buy, sell, list, transfer and collect NFTs; a group of them is a collection. Owning an NFT does not automatically give you the copyright of the artwork it points to.

Example sentences

  1. The museum minted 500 NFTs of its photo archive as a fundraising project.

  2. Each ticket for the festival is an NFT, so it can be checked at the gate.

Common collocations

  • mint an NFT
  • NFT collection
  • NFT marketplace
  • buy an NFT
  • NFT holder
  • mintTo create new tokens or NFTs by calling a smart contract and recording them on the blockchain for the first time. As a noun, a mint is the act or event of creating them.
  • tokenA digital asset created on top of an existing blockchain, usually by a smart contract, rather than on its own network. Tokens can stand for money, voting rights, access to a service or a unique item.
  • smart contractA program stored on a blockchain that runs automatically when certain conditions are met. Once deployed it usually cannot be changed, and it can hold and move funds without a middleman.
  • EthereumA blockchain launched in 2015 that can run smart contracts and applications, not just payments. Its own currency is called ether (ETH), and it has used proof of stake since 2022.

More terms: DeFi & NFTs

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