9/26/2023 0 Comments Does nft stand for![]() CryptoKitties was the first project to follow the new ERC-721 standard, but they weren't just digital images like CryptoPunks.ĬryptoKitties is a blockchain game and these NFTs could be used within the game for breeding purposes. Now, these historical NFTs attract outrageous prices.įollowing CryptoPunks, CryptoKitties was born in October 2017. At first, these Punks were free for people to mint, along as you covered the minting cost. This project had sparked an interest in creating the ERC-721 standard, which now influences digital art and collectibles.ĬryptoPunks are now an essential part of NFT history, and their price reflects that. However, they didn't follow the ERC-721 convention for NFTs, as it had not been invented yet. They used Python to program layers of artwork to create each unique piece. In June 2017, an NFT project called CryptoPunks was the first collection to gain traction and set a standard of 10,000 NFTs.ĬryptoPunks might look similar at first glance, but each was unique and completely different from another. NFTs were first-created in 2010, on the Bitcoin network called Colored Coins. ![]() Whereas NFTs are not interchangeable: each NFT has a different value. One Bitcoin can be swapped with another Bitcoin, and we know its value is the same. This is where it differs with NFTs: NFTs vary in value.Īlso, fungible tokens are interchangeable. Every Bitcoin is identical to another in terms of its value, even if its minting number is different. This is very similar to tokens we see in crypto. In other words, a dollar still retains the same value, even though the mint number is different. No matter which dollar you get, it's still worth a dollar. What Is a Fungible Token?Īll fungible tokens are the same if they originate from the same smart contract.Ī typical example of this is the US dollar. The capabilities of verifying whether something is authentic or counterfeit without a human is what makes an NFT much more valuable. When distinguishing between real and fake money, we rely on human skills to identify the difference. We'll dive into the technicalities of a token ID later in the article. If someone created a copy of the NFT, we could use its token ID to identify whether or not it's the real NFT. No one can remove that NFT now, and because the blockchain is public, you'll be able to see a record of all the previous owners of a certain NFT, and also its current owner. The digital file is transformed into an NFT and stored on the blockchain, where it lives forever. NFTs take form of digital files - artwork, videography, music. They possess a key property known as the token ID, which is randomly generated and ensures that each NFT is unique. But what are NFTs? What Is an NFT, and What Does NFT Stand For?Įach NFT is unique. They can only be bought and sold between people. Owning an NFT can mean many things: collectible items, lottery tickets, access pass, concert tickets. The unique properties of NFTs are why we have seen millions of dollars being poured into them. NFTs have shown the world a new type of ownership that anyone can verify at any time. Non-fungible tokens (NFTs) have taken the world by storm in the past year, appearing at Sotheby auctions and selling for millions.
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