What are Non-fungible Tokens?
The non-fungible token represents the unique item and they are not similar to other tokens which means that NFTs are non-interchangeable. The items can be either digital property or physical property. Like digital art, ancient sculptures, sneakers, commercial real estate, game items, tickets, painting, GIFs, and more. Among these unique assets, digital arts, GIFs, and gaming items are prevailing in the global NFT marketplace.
T h e N F T s c a n c h a n g e t h e u s e r & d e ve l o pe r r e l a t i o n s h i p s w i t h t h e s e f o l l o w i n g i m po rt a n t factors. 1. Standardization 2. Interoperability 3. Tradeability 4. Liquidity 5. Immutability and provable scarcity 6. Programmability
H O W N O N - F U N G I B L E T O K E N S S U D D E NL Y BECOME POPULAR?
The non-fungible tokens are widely used in many industries and today they are created based on different standards such as ERC-721, ERC1155, TRC721, or BEP721.
The non-fungible tokens are indivisible which means they can’t be divided like Bitcoins With the implementation of blockchain technology, the non-fungible token can be easily tracked back to their original owner
TOKEN STANDARDS USED FOR CREATING A NONFUNGIBLE TOKEN
NFTs can be exchanged across various DLTs. For making an NFT, different types of token standard are used. such as :
1. ERC721 – Ethereum Blockchain 2. TRC721 – Tron Blockchain 3. BEP721 – Binance Smart Chain
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