Glossary
NFT
A blockchain token proving ownership of a unique item
An NFT is a record on a blockchain certifying that a particular item is the original. The name means non-fungible token: each is unique and cannot be swapped for another.
Digital files can be copied endlessly, leaving no way to identify an original. NFTs attempt to solve that by recording ownership on a blockchain.
A common misunderstanding is that buying an NFT buys the copyright. In most cases you are buying an ownership record; the right to use the image commercially is a separate matter.
Prices surged around 2021 and mostly collapsed afterwards. Trading volumes fell so sharply that many works have no buyer at any price — and once liquidity disappears, a quoted price means nothing.
The underlying technology has plausible uses wherever ownership and transfer need recording: tickets, memberships, game items, credentials. Whether picture prices rise is an entirely separate question.