![]() People were making actual cryptocurrency from flipping cryptokitties. These non-fungible kitties were sold on a market through the CryptoKitties website. Each cat had a unique set of features based on its hash parts of the embedded transaction data would result in specific physical characteristics, some rarer than others. Late in 2017, Cryptokitties was a dApp that facilitated the transfer of ERC-721 (a non-fungible token standard) tokens in the form of collectible kitties. ERC-998 - Allows NFTs to own other tokens. ![]() ERC-809 - Allows for the renting of NFTs.ERC-994 - Delegated NFTs, for physical property that requires legal validity.ERC-1155 - Allows for fungible and non-fungible tokens.ERC-721 - Most popular and first NFT standard.Just like a house or a car or even the plane ticket from the above example, you can’t break them up and still expect them to function. ![]() This makes sense if you think about NFTs representing real-world assets. A bitcoin can be broken up into fractional amounts down to 100 millionth (also known as one Satoshi). Unlike most blockchain-based coins and tokens, NFTs can’t be divided into smaller parts. Unlike the dollar, where the result is the same no matter which dollar you use. Plane tickets are unique, they can not be traded for another and used in the same way. If you swap one plane ticket for another you may end up in a different seat on the plane, land in a different city, or much more likely not be allowed to board the plane at all. It contains specific information what airline, where the flight is going, what time the flight departs, what seat you have. An example of a non-fungible item is a plane ticket. If fungible items can easily be replaced by an identical item, then non-fungible items can’t be. Any single dollar bill can be replaced for another and used without issue. No matter what serial number is on your dollar, it still spends the same. So what does it mean to be fungible, or in this case, non-fungible? Fungibility describes how easily an item can be replaced by an identical item.Ī dollar bill is fungible. They can bring the benefits of blockchain to both digital and real-world assets. Non-Fungible Tokens are a way to represent items on the blockchain. What makes this possible? Welcome to the world of Non-Fungible Tokens! ![]() Perhaps you’ve heard of digital collectibles living on the blockchain. ![]()
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