Fungible example: Dollars and coins can be exchanged for one another, and are worth the same value. So that’s how my brain is hardwired. When you buy an NFT from one of the many NFT marketplaces out there, you’re paying for a token that represents a unique item. In that way, buying an NFT is like buying an actual work of art: Demand dictates worth, and is subject to the whims of the market, no matter how extreme. Additionally, multiple NFTs can be produced and sold in association with the same work. NFTs are unique, so they are "non-fungible." What is an NFT? An NFT is something different entirely. Artists will hold the ownership rights to their NFTs through the use of their private keys. An NFT is exclusive: you, as the owner of the NFT, are the only person who owns the NFT, the token. A movie ticket is fungible — you can give it to anyone else to use. However, selling an NFT does not necessarily mean that you sell the intellectual property associated with the work. Nonfungible, meaning you can't exchange it for another thing of equal value. That’s it. NFT enthusiasts will tell you that the artifact they bought might look (or sound) identical to copies on the Internet, but their version comes with a unique ownership certificate. If there’s one thing the Oscars are known for, it’s memorials. Writing the perfect pop song is infinitely harder than writing some esoteric, alternative, left-of-center record. A $10 bill can be exchanged for two $5 bills. That doesn’t make it any clearer. This means it is unique. NFT is used with the meaning Non-Fungible Token to refer to a unique entry on a blockchain (the same decentralized digital ledger technology that underlies cryptocurrencies like bitcoin). Owning the token makes you the unique owner of that digital object. It can essentially be anything digital, from the audio file to an unreleased song and digital artwork to a video or 3-D sticker. Think about what it means to own the rights to a song—and forget it. "Fungible" essentially just means money, or even moreso, something that is freely exchangeable or replaceable. NFTs explained: These expensive tokens are as weird as you think they are. A song about NFT’s, made available as its own NFT. NFT stands for Non-Fungible Token. With NFTs, each piece is different. At least I aim for those. After seeing the success fellow EDM artist 3Lau had with NFTs, Disclosure decided to produce a brand-new song … Well, to start, NFT stands for a non-fungible token. I talked to one musician who actually bid on my NFT who said that he had grown up in the era of Napster when songs were first able to be copied and distributed on the internet for free. Catalog is building the primary music NFT platform on the Internet, giving artists the tools to mint rare digital records and keep 100% of all future sales. NFTs could allow songs, albums, music videos, live streams, interviews, and merch to be bought and sold as collectable items on the blockchain (a type of public database that exists across multiple computers in a network). They are unique and collectible digital items you can create in which no two items are ever identical. That certificate is inscribed on a blockchain to create a tamper-proof transaction record to show the world that the artwork—or song or sports highlight—belongs to someone. UK electronic duo Disclosure were also early to the NFT party. In simpler terms, it’s a digital certificate of authenticity. Winner will be ONLY one with full original song. Artists will have the choice of the minimum value an NFT is sold for, and a percentage commission on future sales. NFT stands for Non-Fungible Tokens—which simply means that the token can not be recreated or replaced. This means you have actual proof you’re the one and only owner of that object. It is, by definition, one of a kind. For example, NFT art world superstar Beeple has sold multiple NFTs in association with single works, which has not stopped them from exploding in value. This coming Monday May 3rd, each song will be minted as 1-of-1 NFTs on Catalog. Makeup mogul and controversial beauty influencer Jeffree Star just launched his first NFT collection. “NFT” stands for non-fungible token, which means that they are interchangeable. To understand this even better let's look at Non-Fungible. It’s worth noting that more than one edition of the same NFT can be printed, like the open editions The Weeknd released. Non-fungible token. Introducing blockchain in the music industry means songs and videos can each be stored and programmed as a non-fungible token (NFT). Basically, it means ‘interchangeable.’ Like if we swapped quarters, we’d both still have 25 cents. I know, ‘fungible’ is a ridiculous-sounding word. Right, sorry. Non-fungible tokens (NFT) are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers. When someone trades a Bitcoin for another Bitcoin, the two assets don’t differ from one another. Most bitcoin is fungible, which means that one coin is essentially indistinguishable from another and is equivalent in value. The value of a 3LAU .MP3 released as an NFT is not necessarily its sound, but that consumers can claim a unique ownership of that song’s file, transferred directly from the … NFT stands for non-fungible token. The purchaser, identified as “Bidder 65,” acquired the precious token for a sum in cryptocurrency estimated as the equivalent of over $3.66 million. Definition. But, to each his own and the man has enough money to do whatever he likes. What does NFT stand for? Yes, but the NFT can’t. The third song from Green Day's upcoming "Revolution Radio" album, "Still Breathing," is an inspirational anthem of survival and strength. “Fungible” = able to be replaced, so “Non-Fungible” = not able to be replaced. In all honesty, it may leave you feeling a bit icky. A non-fungible token is unique, and cannot be traded one-to-one. Here's what to know about it and how to purchase. The technology is called an NFT, short for a non-fungible token, a cryptocurrency that’s basically a certificate of authenticity. This song is the actual voice of the character, of the animated piece of art that is in the NFT. Steven Levy, writing for Wired, illustrates the phenomenon by citing the example of a song the electronic DJ 3Lau successfully auctioned as an NFT via the internet. One Direction's 'Story of My Life' is their most mature song to date. Think about what it means to own a house—and forget it. In the music world, an NFT could be defined as a rare collectible that is stored on a digital ledger. NFT stands for ‘non-fungible token.’ Excuse me? Fungible means exchangeable. NFT stands for “non-fungible token” — “non-fungible” means it cannot be exchanged for something of similar value. You may state that an image, a video, and basically, every digital object can be copied and stored billions of times. What does “non-fungible token” mean? 1 of 1 to the nth degree. The song itself is a repetitive number featuring the lyrics “NFT, computers never sleep, it’s verified, it’s guaranteed”. In addition to its acoustic, 1D and Sons-like neo-folk construction, the song is without teenybopper lyrical conventions. “I’m selling this song about NFTs as an NFT,” he wrote on Twitter when sharing the track. The token is an entry in a blockchain. What does NFT stand for? 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