NFT stands for non-fungible token.
"By now, unless you've been living under a rock, you've no doubt heard the initials NFT dropped somewhere...It's one of many tokens now associated with the blockchain. We've all heard about coins like bitcoin, which in its most basic form is a currency. Utility tokens give the holder a right to a product or a service. Security tokens give the holders a representation in an asset or investment product. NFTs fall into the category of a unique digital asset. Unlike security tokens, they aren't backed by any underlying asset or than the NFT itself, whether it be something akin to a JPEG, GIF, or meme or other digital creation," Real Money's Tim Collins explained in a column about NFTs on March 15.
Daniel Roberts, editor-in-chief of Decrypt, joined TheStreet to discuss NFTs and whether or not this trend is here to stay.