NON-FUNGIBLE TOKENS (NFT)
NFTs offer new opportunities for digital art creators and celebrities, from protecting the ownership rights to having unique values.
NFTs or Non-Fungible Tokens are blockchain-backed unique digital assets that have no definite value. Cryptocurrencies can be exchanged for their equivalent counterparts and used for buying/selling products and services. Whereas NFTs don’t have similar counterparts and each NFT has at least one distinguished character. They are non-interchangeable and cannot be used in commercial transactions.
The development of NFTs opened up a suite of use cases. Crypto and blockchain experts praise non-fungible tokens as ‘the digital representation of physical assets.’ From artworks to game collectibles and land deeds to cars, everything can be made as NFTs, and they will not diminish in value. Since these tokens run on the blockchain, content creators & artists can connect with buyers & collectors without any intermediaries.
The value of a non-fungible token depends on its scarcity. NFT developers limit the number of circulating tokens to create rarity, thereby increasing the value.
No two NFTs can have identical records. Each NFT has a permanent information tab determining its uniqueness. It is the most valuable characteristic of NFTs.
Non-fungible tokens cannot be divided into fractions or parts. Unlike cryptocurrencies and other assets, they can be bought or sold only as whole units.
NFTs have custom-build blockchain-powered marketplaces, where users can easily buy and sell their tokens. The value of each NFT is based on its uniqueness.
All NFTs are genuine - they are powered by blockchain technology. It is nearly impossible to create fake NFT replicas on a distributed and immutable ledger.
Each non-fungible token has a unique digital signature stored on the blockchain ledger. So when NFTs are traded, only the ownership rights are transferred.
|Non-Fungible Tokens (NFT)||Fungible Tokens|
|NFTs cannot be interchanged - no two NFTs can be exchanged based on values.||Fungible tokens can be exchanged with other tokens of the same type and value.|
|They are built using Ethereum’s ERC-721 and ERC-1155 token standards.||Fungible tokens are usually developed using ERC-20 token standards.|
|NFTs are unique, meaning each token has one or more different characteristics.||All tokens, for example, USDT, are identical and have the same value & specifications.|
|They cannot be divided into smaller units. An NFT can be traded as a complete unit.||Tokens can be bought and sold as fractions - they can be divided into smaller portions.|
|NFTs can be bought and sold on specialized exchanges backed by blockchain.||They can be traded on all exchanges that have the listing facility for each token.|
We provide excellent NFT development services to help you create a unique NFT based on ERC-721 token standards, representing your artwork, video, collectibles, and others.
Our blockchain experts help you build a robust non-fungible token marketplace that allows your customers to explore, buy, and sell unique digital assets.
We provide you with excellent services to develop innovative and distinct collectibles for various games and allow gamers to trade them in the digital realm.
You have the ownership rights
Your NFTs are immutable
You can sell them at any price
You can also hold the NFTs forever
You decide the scarcity & value
You can also earn royalties
You can sell them either through P2P or in a marketplace
ERC-721 token standard is a unique protocol that defines standard rules & regulations for developing non-fungible tokens. Basically, it denotes that no two tokens can have the same value. This non-fungible token standard determines the minimum interface required for smart contracts to allow users to manage, organize, own, and trade unique tokens.
ERC-1155 is a multi-token standard, meaning it has the power to regulate the tokens developed through both ERC-20 and ERC-721 standards. It was designed to overcome the limitations in the fungible and non-fungible token standards. The ERC-1155 standard creates a robust smart contract interface that can control all fungible tokens and NFTs simultaneously.
NFT means Non-Fungible Token. They are considered unique crypto assets that run on the blockchain, and each NFT has unique value and represents individual ownership. An NFT can be digital art, real estate deed, video, game collectible, music, or anything.
Unique art and other collectibles require proof-of-ownership to prove their authenticity, which further determines their value. When an artwork is tokenized as an NFT, the owner details, date of creation, and other information are stored on the blockchain. This NFT can be sold to interested persons either on a specialized marketplace or through P2P.
Ethereum-backed non-fungible tokens are developed using ERC-721 and ERC-1155 token standards. And Tron-backed NFTs are developed using TRC-721 token standards.
We provide all kinds of solutions and services related to NFT.
NFTs are used as digital collectibles. Any famous artwork or other items such as a popular tweet, a celebrity’s autograph, an NBA player’s video, unique stamps, a game-pass can be converted and traded as an NFT.