The Academic Web3 Series — NFTs

What is an NFT?

This one acronym has created significant waves in our world lately; NFTs — or non-fungible tokens. There is a reason that “NFT” was named the “Word of the Year” by Collins Dictionary in 2021; this feature of Web3 is one of the fastest-growing market segments globally and could reach $80B by 2025.

But what isn’t as well known is where this acronym came from, what the words are based on linguistically, and how it has expanded within a few short years to include even more incredible types and utilities. Features that we follow so that we can provide them on our Web3 Resources page through the Academic Web3 Conference.

What is the Definition of NFTs?

According to the Blockchain Super Glossary, “An NFT is a special type of cryptographic token representing a unique digital asset that is not interchangeable. This is in contrast to cryptocurrencies like Bitcoin and many networks or utility tokens that are fungible. A non-fungible token is a digital certificate of authenticity used to assign and verify ownership of a unique digital or physical asset. Unlike fungible tokens, NFTs are not interchangeable with one another.” (Cascadia Blockchain Council)

NFT Etymology?

What was this acronym based on, and what does fungible actually mean?

The Non-fungible token’s etymology comes from Medieval law
The Non-fungible token’s etymology comes from Medieval law

List of NFT Types

Since the emergence of non-fungible tokens, multiple variations have charged ahead to include even more specific features. The growing repository of NFT types as of May 2022 are…

  • uNFT (utility)
  • CNFT (Cardano)
  • dNFT (dynamic or decentralized)
  • fNFT (fractionalized)
  • IP-NFT (intellectual property)
  • NFv (non-fungible visualization)
  • POAP (“mini-NFT”)

List of NFT Utilities

Equally, the list of utilities offered by an NFT continues to expand, with the list of uses now categorized as the following in May 2022….

The current list of NFT utilities (and growing) as of May 2022.
The current list of NFT utilities (and growing) as of May 2022.

One thing is for sure, non-fungible tokens are here to stay and a core element of Web3 use and opportunity that will continually develop as these new technologies evolve.

So for updated information related to Web3 topics like research, data, analytics, reports, statistics, and even definitions or etymologies, from the most comprehensive Blockchain Super Glossary around, visit our Web3 Resources page!

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