NFT stands for non-fungible token – a digital token that’s a type of cryptocurrency, much like Bitcoin or Ethereum. But unlike a standard coin in the Bitcoin blockchain, an NFT is unique and can’t be exchanged like-for-like (hence, non-fungible).

Can NFTs be video?

Over the past three months, we’ve watched as non-fungible tokens (NFTs) have reimagined the value of digital imagery. Video NFTs can be just as artful as JPEGs and GIFs and just as collectible. But video NFTs also have great potential beyond just being collectible.

However, as of today, the world’s most expensive NFT artwork is still Beeple’s Everydays: The First 5,000 Days: a collage consisting of 5,000 images measuring 21,069 x 21,069 pixels and bought at Christie’s for over $69.3 million by a Singapore-based programmer.

What are NFTs simple?

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Short answer, crypto art is digital art that is treated like physical art due to the ability to have verified ownership of the piece. This token that proves ownership of the ‘original’ file is stored on the Blockchain which is a permanent ledger that can be accessed from any computer over the world.