Non Fungible Tokens General Overview

[rekter 8129]

@Ridam, good and compact article. Have you been collecting any NFT collectables by any change? I had Godsunchained cards that i sold because i sensed that the game is not going anywhere and some collectable cars from a bounty but that's about it. I still see a future in those and Even Winklevoss twins have NFT market now, and those guys sense where the money is

 

Btw i was just reading an interesting medium article of the history of NFT that goes bak to 2012. I thought that you might be interested: https://medium.com/@Andrew.Steinwold/the-history-of-non-fungible-tokens-nfts-f362ca57ae10

 

 I had heard about colored coins when i was starting back in days  but i never understood the concept until revisiting that subject now.

[khan22 3478]

NFT is a good coin and this coin future is very bright and now the airdrop of the NFT is live so after some time i am going to join that airdrop and hold that coin for the future becasue i know that future of this coin is very good and bright.

[Yomose 3704]

What I can comment here is that we should be careful of DeFi and non fungible tokens, learning about it very well before investing in it, I do not know much about it because they are risky to deal with. But, many people have gained from this, which makes me think learning about it is very important. 

[Dark Shadow 295]

Thanks for creating this informative topic @Ridam. I do not own any non fungible tokens because I have never heard of them before. I am very new to this concept. I hope to learn more about NFT's in the future because they seem very interesting.

[Ridam 7455]

3 hours ago, rekter said:

@Ridam, good and compact article. Have you been collecting any NFT collectables by any change?

 

Btw i was just reading an interesting medium article of the history of NFT that goes bak to 2012. I thought that you might be interested: https://medium.com/@Andrew.Steinwold/the-history-of-non-fungible-tokens-nfts-f362ca57ae10

 

 

@rekter Well I am holding a NFT and it was minted for Binance Third year celebration and it is limited edition so I'm keeping it safe on my wallet.

And sure my friend I will check this article as I'm impressed with the technology behind these NFT as there could be virtual world worth real money in future in these NFT ecosystem.

6 hours ago, Dorjoy12 said:

@RidamAgain i said NFT token has bright future  because of the reason you mention that if any game company accept Blockchain Technology and the game company can be PUBG too.. Then easily we will see huge chnage on nft value..              

@Dorjoy12 Yes there would be huge craze if tencent, Bluehole (Company Behind PUBGM)  adopt Blockchain and the current in-game currency of the game will become Crypto currency. Also every players guns, armour will be unique and worth real value if the game starts running on Blockchain. 

But it's only a thought as there has been no interest of Blockchain by Tencent or Bluehole.

[Dorjoy12 8962]

16 minutes ago, Ridam said:

But it's only a thought as there has been no interest of Blockchain by Tencent or Bluehole.

@Ridam it can be true too since we dont know when a big game company  take decision   like you mean.. But its true that if blockchain take any step to added game payment by crypto currency then we can face  crypto world go one step more to be successful in future.. Though i am not interested about it Because i am not a gamer..           

[duncun007 3577]

thank you very much for explaining NTFs for us, i remember seeing people talk about about it and i saw it on binance too but i didnt look into it that much, but now that i understand it i dont think im interested in it.

[Ridam 7455]

2 minutes ago, duncun007 said:

thank you very much for explaining NTFs for us, i remember seeing people talk about about it and i saw it on binance too but i didnt look into it that much, but now that i understand it i dont think im interested in it.

@duncun007 NFT seems to have great future ahead and the De-Fi craze of NFT is also increasing these days. I am glad that you understand about the things Behind NfT. And knowing all these you aren't interested to then it's ok for your interest.

[Shaza Ahmad 1682]

So far I have not owned any Erc-721 token, but I suspect it has no great use like Erc-20, and if Erc-721 trading is not available, I don't see the benefit of owning it, as owning most of the cryptocurrencies is about making a profit in the end.

[Flying11Horse 45]

On 10/29/2020 at 3:55 PM, Dark Shadow said:

Thanks for creating this informative topic @Ridam. I do not own any non fungible tokens because I have never heard of them before. I am very new to this concept. I hope to learn more about NFT's in the future because they seem very interesting.

You are right about it @Dark Shadow this seems to be an interesting technology. Everyday new things in crypto are being invented.People interest in this cryptocurrency has increased a lot.Before 2 or 3 years there wasn't this kind of technology ,and if there was it was limited to fewer people.

[Raqeebzy 6456]

Enlightening. The first time I heard of Non-Fungible Token, NTF was with crypto kitties blockchain game also built on the Ethereum blockchain and ERC-721 standard. To be honest, I did a research about them but not so in-depth. The only use I found out about NTFs was in such case of crypto kitties. 

I learnt a few more from your posts but can you explain more uses of NTFs and how they can be profitable. Crypto is very much about profits anyways. 🤷

[Ridam 7455]

38 minutes ago, Raqeebzy said:

Enlightening. The first time I heard of Non-Fungible Token, NTF was with crypto kitties blockchain game also built on the Ethereum blockchain and ERC-721 standard. To be honest, I did a research about them but not so in-depth. The only use I found out about NTFs was in such case of crypto kitties. 

I learnt a few more from your posts but can you explain more uses of NTFs and how they can be profitable. Crypto is very much about profits anyways. 🤷

 

There are diverse usecases of NFT. Some are already started and some on their way. Digital arts, special collectibles are few examples of them. Blockchain based games and the weapons or outfits can be a NFT. As each nft are unique there won't be any chance of replication of same thing too.

Nowadays in Blockchain AR games are also getting huge popularity. Recently PewDiePie Joins Wallem which is Blockchain based AR games and now players of that game can buy

NFT outfits of PewDiePie in game. You can read about it Here.

Basically we can create a whole Virtual world with NFT embedded with Blockchain ecosystem.

[Raqeebzy 6456]

@Ridam First of all, I understand more clearly now. Your explanation are so detailed and I must admit the brilliance. I will make sure to check on your link and also do additional research on them. Thank you for taking your time explaining.

[Moaz 7239]

Honestly, this is the first time I have heard about a Erc-721 tokens and I have not used it before, but your topic is important and new to many members of this forum as I think I will do a detailed search for this Erc-721 tokens and I will see the results.

[Ridam 7455]

16 hours ago, blessing95 said:

Interesting information. If only there's a way where we can get this NFT tokens. This token might be a very good project to invest in because it brings something special to the market. Buying this tokens now can be good especially as it is worth 1$ bill and this can bring you good profits

There are several AirDrops running for NFT, you can get thek through airdrop. And Binanace launches it's NFt giveaway time to time , you can be a part of that and get some cool NFT.

 

16 hours ago, Moaz said:

Honestly, this is the first time I have heard about a Erc-721 tokens and I have not used it before, but your topic is important and new to many members of this forum as I think I will do a detailed search for this Erc-721 tokens and I will see the results.

@Moaz Sure you can make details search about NFT for better understanding about the core concepts. General information required is already presented here and if you have any doubts you can raise questions in this thread 😊.

[wassim19 645]

The fees are very high because everyone wanted to trade and own some of them but the truth is that it is important that we continue to practice for it. Correct solutions are what we do. Defi coins have recently appeared and we'll see what happens

[zhoutong 2188]

Very good post deserves congratulations. NFTs haven't still made it as people are not very interested but they will have their time perhaps soon as Ethereum has grown and maybe some people will find interest in this. I don't have too much but it is more interested to me from Defi and I understand better NFTs from yield mining.

Edited November 20, 2020 by zhoutong

[godislovefll 1880]

On 30/9/2020 at 10:16, Ridam said:

What Exactly Are NFT?

NFT stand for Non-Fungible Tokens.Non Fungible Tokens are distinctive Cryptographic tokens. NFT's aren't interchangeable and each possess special worthiness.

 

Explanation of Non-Fungibile Using Example:

Your 1$ bill is fungible as it can exchanged with another 1$ bill as they both have same value. But Basketball Cards are Non-Fungibile as each of them has different characters and are unique with distinctive worthiness.

 

How are they created?

They can be Created on any Blockchain that supports to run SmartContracts Program. NFT are created on Erc-721 or Erc-1155 Standards.

Enjin Protocol allows both Fungible and non Fungible Tokens at same standard.

 

Difference of NFT with Erc-20 tokens?

If we talk specifically about Ethereum Blockchain, Erc-20 tokens are fungible tokens. Erc-20 tokens could be exchanged with same token but Erc-721 can't be exchanged with another Erc-721 tokens because of uniqueness in individual tokens.

 

Market Place For NFT:
You can receive and store NFT on Trust wallet, AToken Wallet and many more. 

 

CryptoKitties

Para la compra y venta de NFT Crypto Kitties ocupan la primera posición. Puede invertir su Ethereum para comprar gatitos y criarlos para generar uno nuevo y venderlos.

Mar abierto

OpenSea es otra plataforma para comprar y vender artículos de mundos virtuales digitales, coleccionables, tarjetas de intercambio y muchos más.

CryptoStamp

Hace algún tiempo, la Oficina de Correos de Australia lanza Crypto Stamp como sellos digitales. Y podrían almacenarse como imágenes digitales en Ethereum Blockchain y podrían comercializarse.

 

Entonces, ¿qué opinas sobre los tokens Erc-721? ¿Tienes algún objeto coleccionable de Crypto?

Thanks for the information, I was not clear about some things, and this NFT is already becoming more common among cryptocurrency events or companies with the intention of creating platforms that handle NFTs, platforms such as video games and bets that are the most common today.

[Maaz sultan 265]

Thanks that's is an informative topic for all the members and and i thinks that in the crypto world every thing is for specific work and if any one want to to buy any of these tokens so first follow links for getting information .

[Ridam 7455]

12 hours ago, zhoutong said:

Very good post deserves congratulations. NFTs haven't still made it as people are not very interested but they will have their time perhaps soon as Ethereum has grown and maybe some people will find interest in this. I don't have too much but it is more interested to me from Defi and I understand better NFTs from yield mining.

Yes That's why the Trading volume of Nft are comparitively small and NFT have small space in Crypto field at this moment. In digital world I believe NFT will have diversel usecases and they are also started to be used in VR services so they do have potential to grow 😊.

[TimopheyKa 3900]

To be honest, I'm not familiar with such a token system, but I recently learned that ERC-721 has been talked about for a long time, but no one has implemented it before. CryptoKitties was the first. 
 

The standard for an incompatible (non-interchangeable) token was invented by Dieter Shirley. He created the draft on September 20, 2017.
 

According to many cryptographers, ERC-721 is better suited for digital collectibles than ERC-20.

Tokens created with ERC-20 are "interchangeable", which means: each token is as good as any other token, for example, each dollar is as good as any other dollar.
 

While this is a necessary property for a currency, it is not suitable for "crypto collections" such as CryptoKitties, since different cats must have unique attributes such as age, breed, or color permanently attached to them. Thus, some mixture of attributes of certain kittens can become very rare, which makes them not only very popular, but also extremely valuable.
 

One of these kittens in CryptoKitties was sold for 110 000 dollars.

[wassim19 645]

defi you the fees are very high because everyone wanted to trade and own some of them I hope to be able to focus on it in the near future yes at the moment the fees are very expensive

[Amiami 1362]

This is undoubtedly an interesting market, since it allows the trade of different "objects" known as NFT, the funny thing is that it works under the same scoop as real life collectibles, I have seen projects such as the coínmarketcap, Dego , among others.

 

That also provide a certain return, for example Dego gave a token in the form of a peak (NFT) that could be sold in exchange for Binance's currency but if you kept it in your portfolio you could place it to mine more in NFT, something that It could undoubtedly revolutionize online mining, since the networks could adapt a system where those who provide the power are the same currencies

[pablomarwan 3082]

This information is really valuable. I did not know much about it except that it is a new type of currency that appeared recently within a few months and had emerged through a group of airdrops. This poses a challenge for some icons as they are not considered to be isolated from them and there is a competition for these characteristics.

[yonkii 3205]

I have read this topic before but I didn't respond because I was looking more into the NFT previously. After having done a large-scale research I understood most things about NFTs. I have to thank the friend member @Ridam for his excellent post, which is also one that I read and understood how to make good posts in the forum. Some have been deleted but I am still positive and I hope to make it and become a good content creator too and have some posts stay in the forum and help anyone that reads them.

I think that NFTS have a great future and we should understand them before they become trending in the crypto space and be ahead of the rest.

Edited January 4, 2021 by yonkii