Know About NFT Non Fungible Tokens

Know About NFT Non Fungible Tokens

By Venkatz | Crypto_Rays | 30 Sep 2020


NFT - Non Fungible Tokens  

 

NFT  Stands as Non Fungible Token  NFT's are unique and also not divisible like Fungible tokens. The Main Aim of NFT is Tokenizing  Digital, Real world assets.  Mostly NFT's are very limited in Numbers it will  create scarce. Catching the Trend is always Trend. Like that Now NFT's are Trending everywhere especially the Gaming Industries creates vast NFT's in game items.

 

NFT is Familiar to all by the name of CryptoKitties

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The NFT Wave Started in 2017 But most of us didn't concentrate on this.  CryptoKitties is one of the best example for NFT. CryptoKitties is a virtual game developed on Ethereum blockchain  By playing this Game the Players can collect Digital cats and Breed them in Game to collect the cats. The collected cats can be sold too.  In 2017 vitalik tweeted about the Crypto kitties which runs on Ethereum.  Each Kitty as its own 256 bit genome code.

Vitalik Tweeted about the Digital Cat's

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Non Fungible Tokens are used as Crypto collectibles and games, In real world it can be used for academic graduation degree certificates, licenses other important identities, for Voting purpose this will be good one, real Estates. NFT's will do more in upcoming periods.  The Traditional Fiat Currencies  are right opposite to NFT They are fungible a one dollar equally interchangeable by another equivalent unit.

Standard:

ERC 721 is the Standard for issuing and trading NFT assets in Ethereum Blockchain. The world is updating every day so NFT Standard is updated to ERC 1155.

 Whats New in ERC 1155

The Single Contract deals both Fungible and Non-Fungible Token. 

TRADE NFT

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The huge question is if i collect or want to collect NFT  where is the market ?  The answer is You can Buy and Sell your NFT's  at  opensea, rarible.

Recently DEGO Finance Airdropped to its users in the form of NFT. The users are allowed to collect the NFT by spending the Transaction Fee. But fees is around 30$. Recent MEME NFT's Hit huge. so the New projects are concentrating on NFT.

Collect Valuable NFT's DYOR before buying the NFT's  NFT have Great Future in Blockchain Industry.

 

Thanks For Reading

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Venkatz
Venkatz

I am Venkat From India I graduated in Computers and then did Masters of computer Application also Master of Philosophy in Network Security. I interested in Learning New Things. I love the blockchain Technology I am in Crypto From 2017.


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