Close
Open House on the 24th, - 12 mid day to 5 pm.

What is a Non-Fungible Token?
Non-fungible tokens or NFTs are unique digital assets based on blockchain technology representing digital asset ownership. These digital assets represent ownership of real-world objects such as artwork, video clips, video games, music files, and more.

Technology behind NFTs
These tokens are securely registered and verified on the blockchain, the same technology as cryptocurrencies, ensuring that the asset is one of a kind.
NFTs are not traded on standard cryptocurrency exchanges. They are bought or sold on digital marketplaces such as Openbazaar or Decentraland LAND virtual game marketplace.
Cryptocurrencies can be viewed as fungible crypto tokens that store value or serve as a means of buying or selling assets. Non-fungible tokens, on the other hand, can include anything from music to website addresses. Still, digital art is the real craze when it comes to NFTs.
NFTs require decentralized applications to create or release unique and rare digital items. Many NFTs are made and stored on the Ethereum network, although other blockchains (such as Flow and Tezos) also support NFTs.
Ethereum is the most popular blockchain for NFTs, as they are usually built using the ERC-721 token standard. NFTs are typically made using Ethereum, but at times they use other intelligent contract blockchains such as Solana or Binance Smart Chain. Some NFTs are based on the Tron and EOS blockchains that host voting tokens.

Owning or trading in an NFT
NFTs can only have one official owner at a time and are protected by the Ethereum blockchain – no one can change the ownership record or copy/paste a new existing NFT.
NFTs can be copied, downloaded, and distributed. Still, the original NFT and proof of ownership are stored on the blockchain. NFTs are verifiable, which means that historical data stored on the blockchain confirms the identity of the original creator and owner of the NFT.
Unique tokens created show ownership and transfer rights of digital assets. NFTs offer many options for creating and trading digital assets, such as original artwork and blockchain-integrated collectibles games such as CryptoKitties.

Uses and Examples of NFTs
Dozens of companies are finding new uses for NFTs, such as domain names, virtual worlds, decentralized finance (DeFi), art markets, crypto art museums, and NFTs for physical collectibles.
The major NFT categories or types of NFTs can be classified into broad three common types :
Original or copy of work, documented on a blockchain network
Digitally native NFTs, with ownership rights to the work constituting the NFTs
NFT metadata, which involves the NFT providing representation of ownership for metadata files (internet)
Some of the famous and prominent NFT types these days are like :
Collectibles (E.g., Cryptokitties – the first instance where people started using NFTs.)
Artwork (Like programmable art, featuring a combination of creativity and technology)
Event tickets (tickets people can verify/but for attending music festivals and concerts)
Music and media
Gaming
Virtual items
Real-world assets
Memes
Domain names

To wrap up, NFTs are a new avatar and change the conventional asset usage and ownership notions. There is a lot more to come and evolve in the world of NFTs.

%d bloggers like this: