What is an NFT?

Spencer Batten poses for a picture at the Infomedia office

NFT stands for non-fungible token, which basically means that it cannot be copied. If something is fungible, that means it’s able to be copied. An NFT can be something like a piece of art or a picture, and because it’s classified as an NFT, no one else can copy that image.

We’ve talked about the blockchain in the past. So going back to the fabled flower shop that we always reference — if a flower shopkeeper wanted to sell a photo of their flowers as an NFT, they would sell it on the blockchain. Someone will pay the shopkeeper with a form of cryptocurrency, and that transaction will have a link that includes the picture of the flower. So the NFT isn’t stored on the blockchain — it’s ultimately just a receipt that shows that you’ve paid for and now own the NFT.

NFTs are cryptographically secure, which means that each transaction or receipt is backed by peers.

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