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NFT stands for Non-Fungible Token, a digital asset that’s verified using blockchain technology. It's a way for digital artwork to have provenance basically - sort of a digital footprint that shows the origin and the buying and selling of a piece of artwork over time. The big sellers right now are images, GIFs, songs and videos, and just like everything else, supply and demand are driving the price. Since NFTs are scarce, and collectors want them, they’re willing to pay a lot of money for them.