NFT stands for non fungible token. Now you all must be thinking what that ??…… So, it is not really tough to understand the term. As you all know it is non fungible that means interchangeable i.e you can replace the same with other of the same kind like bitcoin.
It is actually a cyptographic token which is of special type that represent something different and unique. These non fungible taken are non interchangeable but of the same kind like in the same way like bitcoin.
Don’t get confuse with this it simply means it is something which non exchangeable for anything different but can be exchangeable with the of same kind like that of the bitcoin. Bitcoin is the bets example of it. Click here to know about Famous paintings
Bitcoin is fungible means you can trade from one bitcoin for the other bitcoin but not for something else that is why it is called non fungible. You will get completely different card if you have traded with different card.
NFT token are built using ERC-721 and ERC-1155 one of these Ethereum token standards that enable the developers of NFTs to deploy and also ensure that they are compatible it includes services like exchange and wallet services MetsMask and MyEther Wallet.
This NFT is so powerful that it is non fungible token and has so much potential. One the best thing of this that it is a blockchain gaming.
It gives the true ownership of the asset that no one else can take the ownership of and many times buyer has an emotional attachment to the item as it is theirs and no one can take the ownership of it. One of the important thing is that it can also be integrated to games and app. It allow the player to move from game to the app by using their NFT anywhere they want. NFT is also the most advance asset of the time.
What is ERC 721?
The ERC 721 is a unique type of token and it has different value then another token.All the tokens have the tokenId. The Token Id is the input and the output of the ERC 721. William Entriken, Jacob and Nastassia proposed the ERC-721 that is Ethereum Request For comments in 2018 it is Non Fungible Token Standard.
Some of the main characteristics of ERC-721 is that it is used to transfer from one account to another , it is the main token of the owner the total token supply available. It also specify that the amount from one account is transfer by the third party.
What is ERC-1155?
ERC-1155 was created by Enjin and it is a digital token it is used to create both the fungible as well as non fungible tokens. Fungible which include currencies and non fungible which includes digital currencies. it act as an assets on the Ethereum network. In ERC-1155 the cost of transfer of taken is reduced.
NFts coins meaning
These NFTs are digital token that are created for blockchain network under standards ERC-721 or ERC-1155. They are unique type of coins.
From where you can buy the NFTs?
There are many online platform available from where you can buy your NFTs and can sell also. There are many marketplace to sell and buy NFTs. Some of them are listed here these are the platform from where you can deal in cryptocurrencies.
Most expensive currency are Dragon the CryptoKitty it values 600 ETH which is running highest right now. In 2019 1-1-1 race car from Er Delta was the most expensive and sold for 415.9 ETH which was highest at that time.