What is NFTs

A non-fungible token is a distinct digital identity that is recorded on a blockchain and used to verify ownership and authenticity. It cannot be duplicated, substituted, or divided. The ownership of an NFT is recorded in the blockchain and may be transferred by the owner, allowing them to be sold and traded.What is the definition of a non-fungible token (NFT)?

what are NFts used for

Non-fungible tokens (NFTs) are assets that have been tokenized using the blockchain. Tokens are unique identifying codes generated from metadata using an encryption method. These tokens are then stored on a blockchain, while the assets are stored elsewhere. The relationship between the token and the asset is what distinguishes them

History of non-fungible tokens (NFTs)

NFTs were developed long before they gained popularity in the mainstream. According to reports, the first NFT sold was "Quantum," which was conceived and tokenized by Kevin McKoy in 2014 on one blockchain (Namecoin) before being minted on Ethereum and sold in 2021.

NFTs are designed in accordance with the ERC-721 (Ethereum Request for Comment #721) standard, which specifies how ownership is transmitted, mechanisms for confirming transactions, and how apps handle safe transfers, among other requirements.

The ERC-1155 standard, approved six months after ERC-721, improves on it by combining numerous non-fungible tokens into a single contract, lowering transaction costs

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