Pronunciation: [ˌɛnˌɛftˈiː] (IPA) 
The spelling of the word "NFT" is a bit tricky as it is an acronym for "non-fungible token". The "N" stands for "non", the "F" stands for "fungible", and the "T" stands for "token". The two vowels in the middle of the word, "o" and "i", are pronounced as a diphthong, making the sound "oi", like in the word "coin". The IPA phonetic transcription of "NFT" is /ˌɛn ɛf ˈtiː/, with the stress on the last syllable.
NFT, or Non-Fungible Token, refers to a type of digital asset that utilizes blockchain technology to verify and authenticate its ownership and scarcity. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged on a like-for-like basis.
NFTs represent a wide range of virtual or physical assets, including artwork, music, videos, virtual real estate, collectibles, and even tweets. Each NFT has a distinct value, ownership, and individual characteristics that differentiate it from others, making it one-of-a-kind. This uniqueness is ensured by recording the asset's metadata securely on a blockchain.
The blockchain technology used in NFTs allows for transparent and immutable record-keeping, ensuring that the ownership and transaction history of an NFT can be easily verified. This verification mechanism provides artists, creators, and collectors with a new way to monetize and trade their digital assets without the need for intermediaries. Additionally, NFTs often come with smart contracts, which allow creators to earn royalties every time their NFT is sold or traded in the future.
Despite their potential for creating a new digital economy, NFTs have also raised concerns about their environmental impact due to the energy-intensive nature of blockchain transactions. Nonetheless, NFTs have gained significant attention in the art and entertainment industries, attracting both mainstream and niche markets, and are increasingly becoming a prominent form of digital ownership in the modern era.
