What are NFTs (Non Fungible Tokens) and their Popular Projects?

 

What is a non-fungible token (NFT)? What are the most well-known projects?

Before the advent of Bitcoin, digital information was easily copied at almost zero cost. From now on, the phenomenon of human scarcity has been renewed into the digital age. =)

 

Non Fungible Token, CryptoKitties

One of the first NFT projects to gain significant attention was CryptoKitties, an Ethereum-based game that allows players to collect, breed, and trade virtual cats.

 

Unlike criptomonedas $btc or $eth, they both create the same non-consumable tokens (NFT), which are also commonly referred to as cryptocurrency collectibles, and each non-consumable token is unique and limited in number.

 

Multiple projects are experimenting with NFTs for different use cases (such as games, digital identities, licenses, certificates, and plastic arts).

 

In addition, they can even allow some high-value items to be owned.

 

What is interchangeability in non-fungible token (NFT)?

The interchangeability means that each unit of activity is interchangeable, and there is basically no difference from each other. For example, a 10 dollar bill can be perfectly exchanged for another 10 dollar bill.

 

In the case of "irreplaceable tokens," they are cryptocurrencies with unique identifiers for each unit. This makes each unit different from the rest (ie non-consumable). It's basically NFT.

 

How does NFT token work?

There are different types of NFT tokens, the most famous being ERC-721 that works on the Ethereum network. 

There is currently an improved token called ERC-1155, which allows the same contract to have two types of tokens: irreplaceable and replaceable.

 

Where can I buy NFT tokens?

On the website of the developer of this type of token. Or in the online market, the most famous one is called Opensea (https://opensea.io/)

 

Where are my NFT tokens stored?

In wallets that contain such tokens. For example, such as Binance Trust Wallet (https://trustwallet.com/)

 

What projects are currently known to have potential?

Decentraland- is a decentralized virtual reality world where players can own and trade virtual land and other NFTs in the game.

Gods Unchained- is a digital trading card game in which cards are issued on the blockchain as NFT. 

Since each digital card is unique, players can own and trade ownership just like using a physical card.

Encrypted currency stamps-issued by the Austrian Post Office, linking the digital world with the real world. 

These stamps are used to transport mail, just like other stamps. But they are also stored on the Ethereum blockchain in the form of digital images, making them tradable digital collectibles.

Several projects of the company are tokenizing real estate companies and different scarce resources (such as water, land, etc.).

For more information, you can enter the ranking of NFT tokens on the Opensea website: https://opensea .io/rankings

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