Non Fungible Tokens General Overview

[Ridam 7455]

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

For buying and selling of NFT Crypto Kitties come at first position. You can invest your Ethereum to buy Kitties and breed them to generate new one and sell them.

OpenSea

OpenSea is another platform for buying and selling digital Virtual Worlds items, Collectibles, Trading Cards and many more.

CryptoStamp

Some time back Australian Post Office launches Crypto Stamp as digital stamps. And they could be stored as digital images on Ethereum Blockchain and could be traded.

 

So what do you think about Erc-721 tokens? Do you own any Crypto collectibles?

[annayks 2314]

Ethereum is trying to push NFT's once again but the problem is that they can't do anything when fees are still so high. It was the same with cryptokitties. The fees were very high because everyone wanted to trade and own some. Maybe if the DeFi craze ends something better can appear again. I didn't like a lot the NFT's but they can be useful in gaming as users can save items in token form and own them or sell them in marketplaces. This is very useful.

Edited September 30, 2020 by annayks

[Irungu 4299]

I love the topic and the truth is , this is something I never though t of , or heard of , thanks a lot and I hope am able to undersrtand it in the near future, but the truth is , its important we keep on practicing for the right solutions in what we do , the right idea for a token of  what you have mentioned to me is a little bit tough to understand

[Ridam 7455]

10 hours ago, annayks said:

Ethereum is trying to push NFT's once again but the problem is that they can't do anything when fees are still so high. It was the same with cryptokitties. The fees were very high because everyone wanted to trade and own some. Maybe if the DeFi craze ends something better can appear again. I didn't like a lot the NFT's but they can be useful in gaming as users can save items in token form and own them or sell them in marketplaces. This is very useful.

@annayks Yes at the moment also the Fees are way expensive and for small transaction in Ethereum the fees are way more.

The scope of NFT on gaming also seems great in my opinion. Non- Fungible items could be made with every games. And the best thing is we can own virtual piece of land in tha game using NFT with our own ownership.

10 hours ago, Irungu said:

the right idea for a token of  what you have mentioned to me is a little bit tough to understand

@Irungu If you haven't got it easily Let me explain in simpler way:

NFT means Non-Fungibile tokens(Erc-721) they are like Erc-20 tokens. But each of them has different values.

And using Erc-721 tokens Virtual items can be created like a car in virtual world(Game).

And you can sell the virtual car using any coins worth of real money.

I hope you understand something more now.😆

 

[Mehar446 280]

Yes ethereum is the home to DEFi & NFT is a crucial part of it. Ethereum has given a lot of support to the community & made things much more easier. Its a very game changing concept.

[Ridam 7455]

2 minutes ago, Mehar446 said:

Yes ethereum is the home to DEFi & NFT is a crucial part of it. Ethereum has given a lot of support to the community & made things much more easier. Its a very game changing concept.

@Mehar446 Exactly because of Ethereum and smart contracts program the Crypto is getting huge innovation every day. We are seeing the craze and hype of De-Fi and it's possible because of Ethereum Network. And NFT are also getting into De-Fi these days let's see how all these goes.

[Whited35 15285]

No complexity at all, simply, NFT tokens are unique tokens mostly based on Ethereum blockchain network and follow the special sort of cryptographic codes. NFT tokens does make a huge sense in blockchain-based gaming industry.

[Ridam 7455]

9 minutes ago, Whited35 said:

No complexity at all, simply, NFT tokens are unique tokens mostly based on Ethereum blockchain network and follow the special sort of cryptographic codes. NFT tokens does make a huge sense in blockchain-based gaming industry.

Yes that's make all of the sense here😂. I have tried to explain in with little bit further information. And I believe you are hearing the news about them. According to news reported from News Bitcoin the weekly trading volume has reached $102M for NFT trading in last week. So we are also seeing huge growth in that market.  Digital art is taking huge place in Blockchain technology sooner in my opinion.

[Emon11223 24]

Yes Etherium is the home of DFI and NFT is an important part of it.  Etherium has given the community a lot of support and made things easier.  This is a very game changing concept.

[Mella 3680]

My many thanks for this post. I have read about the non fundible token but I was not understand until now that I am read your good post. I am also read that NFT will be popular very soon so maybe we can take a loot now and invest but I am wonder what we are doing here? We buy cards and nft items and sell them again to others? How we know this is profit and popular? Also where is a good market that has all the NFT's? Can uniswap support these trades?

[cryptovlek 2597]

Thanks a lot for this. It is a very good explanation. I have enjin wallet and did not exactly know what NFT's were and I had some tokens given after scanning some qr codes. I will look at the links you've given and I will try to find if we can make some profit trading collectibles. 

[tienda 8776]

Dear thank you for sharing this valuable knowledge information, I m one of those who have not idea about Non-Fungible Tokens, but now we have collected some note about!

These are the good things we can find here on this best forum Cryptotalk, his name it is clear "Crypto Talk" means talk about cryptocurrency.

[Dorjoy12 8962]

On 9/30/2020 at 8:16 PM, 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

@Ridam as far as i know NFT is a token and in this token stored a unique code by smart contract and for this reason a NFT token never can be compared with another NFT token...  Though the per value of per  nft token is different than another nft token as you know the value of NFT token depend on its unique code..   And this is the main character of NFT token.  

 

[Mark wood 2970]

3 hours ago, Dorjoy12 said:

@Ridam as far as i know NFT is a token and in this token stored a unique code by smart contract and for this reason a NFT token never can be compared with another NFT token...  Though the per value of per  nft token is different than another nft token as you know the value of NFT token depend on its unique code..   And this is the main character of NFT token.  

 

@Dorjoy12 you know that is my first time I face this post related to NFT token and it is also true that I didn't know what is that but after seeing your post I get some information about this token and let me search about that for more information..

[Dorjoy12 8962]

9 minutes ago, Mark wood said:

@Dorjoy12 you know that is my first time I face this post related to NFT token and it is also true that I didn't know what is that but after seeing your post I get some information about this token and let me search about that for more information..

@Mark wood first read this topic carefully then try to search about it in online.. Because if you dont have the basic idea about NFT then you wont understand something when you search about it in online.. Actually NFT is a token that get used in game like COC...  NFT token has no real use yet in crypto world but hope soon we can see NFT token in crypto world..         

[Ridam 7455]

5 hours ago, Dorjoy12 said:

@Ridam as far as i know NFT is a token and in this token stored a unique code by smart contract and for this reason a NFT token never can be compared with another NFT token...  

 

@Dorjoy12 Yes NFT are like tokens and they are mostly based on Ethereum Blockchain. I believe you are aware about Erc-20 tokens and NFT are Erc-721 tokens. These days NFT are sold at very high rate and I believe there is huge opportunity of NFT in coming days.

On 10/2/2020 at 3:11 PM, Mella said:

We buy cards and nft items and sell them again to others? How we know this is profit and popular? Also where is a good market that has all the NFT's? Can uniswap support these trades?

@Mella Yes NFT can be sold and each tokens has different values and distinctive characters. You can buy and sell NFT in Open sea or Crypto kitties. These two are most famous.  And Currently Uniswap doesn't support NFT as far I know. Maybe in coming days we will see Updates and Uniswap supporting NFT.

[Dorjoy12 8962]

5 minutes ago, Ridam said:

@Dorjoy12 Yes NFT are like tokens and they are mostly based on Ethereum Blockchain. I believe you are aware about Erc-20 tokens and NFT are Erc-721 tokens. These days NFT are sold at very high rate and I believe there is huge opportunity of NFT in coming days.

@Ridam  its true that NFT token was first launched on ethereum    network which was  called ERC-721 as you said.. But recently  eth network developers   improve NFT smart contract Which give it name as   ERC- 1155..    In this new contract you can store two coin  FT and NFT together 🤑 

[bogdanoff 3173]

Thanks for this good information on NFT. It is what we need to know and this is a market that is discussed a lot and maybe there will be some craze soon like it was with defi for a few months this year.

[Sykkuno 2887]

I have read that opensea is the best place to trade these NFTs so I am going to give a better look. Maybe there will be increased interest in the nft market and we have to be in position to make something from it. But I don't have other interest about collecting nfts.

[Ridam 7455]

On 10/26/2020 at 12:32 PM, Dorjoy12 said:

@Ridam  But recently  eth network developers   improve NFT smart contract Which give it name as   ERC- 1155..    In this new contract you can store two coin  FT and NFT together 🤑 

@Dorjoy12 Yes Enjin Protocol is the one that is providing the Erc-1155 standard and because of which NFT and FT both are supported at same standard. It's integrated blockchain and it's mainly focused on Gaming field and virtual items.

On 10/26/2020 at 12:46 PM, Mosharraf said:

 I have mastered the idea you gave me about this token.  This token has created a blockchain.  It can be stored in a trust wallet.  It can be exchanged with Ethereum Coin. So we can use this token. @Ridam

@Mosharraf Exactly, I'm glad that you learned and my information helps you. 

Yes you can exchange NFT with ethereum and there are many market place that supports exchange of NFT. And if you use Crypto kitties you can create your own fully customisable Kitty.

Edited October 28, 2020 by Ridam
Spelling mistake

[Fixfin 2569]

Great post and explanation, I think that your timing is correct too and be ready for some hype in NFT as this seem to be what is planned by developers for the next boosted sector in ethereum. NFTs had a big boost with cryptokitties but since then not a lot of interest although they are kept being developed. 

[percare 3192]

This is very nice post. I own a few NFT from axie infinity and from enjin but these were from giveaways, maybe I should hold a bit more and if some NFT craze happens I can sell. Thanks this was very nice post and very educative. Can we use metamask to connect to the markets to sell?

[Dorjoy12 8962]

15 hours ago, Ridam said:

Yes Enjin Protocol is the one that is providing the Erc-1155 standard and because of which NFT and FT both are supported at same standard. It's integrated blockchain and it's mainly focused on Gaming field and virtual items

@Ridam now its the time to wait when NFT token will be come in crypto market and will be listed in different exchange site..  As future world going to be adopted with game more so we can hope sooner or later nft token will bring it good marketing though its still hard as lot of crypto members has no idea about  NFT token..          

[Ridam 7455]

16 minutes ago, Dorjoy12 said:

@Ridam now its the time to wait when NFT token will be come in crypto market and will be listed in different exchange site..  

@Dorjoy12 NFT are already on the exchanges as I have mentioned before and the trading volume has been increased significantly which clearly shows the NFT markets is growing day by day.

Imagine if a  game company like Rockstar adopt Blockchain technology in their games, the Market will boom. So I see the possibilities are huge for NFT.

10 hours ago, percare said:

This is very nice post. I own a few NFT from axie infinity and from enjin but these were from giveaways, maybe I should hold a bit more and if some NFT craze happens I can sell. Thanks this was very nice post and very educative. Can we use metamask to connect to the markets to sell?

@percare Do you have these NFT in your Metamask wallet? If Metamask allows store of NFT then I believe you could buy and sell easily. You should check that as I only hold NFT in trust wallet I lack the experience of NFT in Metamask.

[Dorjoy12 8962]

18 minutes ago, Ridam said:

Imagine if a  game company like Rockstar adopt Blockchain technology in their games, the Market will boom. So I see the possibilities are huge for NFT.

@Ridam i read in a article that nft token can be sold in binance exchange site     by trust wallet but its look Pretty good for me now that NFT token now can be sold in different exchange site.. Again 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..