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NFT is the short form for non-fungible tokens. The NFT replaces the need for certificates of ownership. NFTs are transferred from one owner to another using blockchain technology, creating a digital trail from seller to buyer. This encodes the individual ownership rights to the buyer. The first known NFT was coined by digital artists Kevin McCoy and Anil Dash on May 3, 2014. In 2017, many new NFT projects were launched as a result. Later, the growing NFT technology was integrated into several metaverses and gaming industries.