On the Ethereum network, the vast majority of NFTs are built using the ERC-721, which gives the token those unique qualities we mentioned earlier.Ĭurrently, NFTs are mostly used to verify ownership of digital goods. This is not to be confused with ETH (Ether), the cryptocurrency used to power the network. Most NFTs are built upon the Ethereum blockchain, one of the largest and most reputable in the world. In most cases, this builds a trustless system based on verifiable and quantifiable data. The ledger records transactions on the network, making them publicly visible. For those unfamiliar with this popular tech, the blockchain is a digital distributed, decentralized, public ledger that functions as a large network. Almost all NFTs function as part of a blockchain. These attributes lend themselves extremely well to various industries (especially the creative ones). If you purchase an NFT, you will be the only person in the entire world to hold that asset – and you can prove it. If someone asks you to trade bills, you won’t gain anything, and you wouldn’t lose anything either. A $1 bill is worth just the same as any other $1 bill. A good example of this would be the US Dollar.

The term fungible means that another identical item can replace an item or good with the same value. Once they have been created, they will be permanently etched on the blockchain’s public ledger for all to see. Due to the way they are designed and minted, NFTs are unique and cannot be replaced, altered, or changed in any way. An NFT (non-fungible token) is a digital asset that can be identified through its unique qualities held within its metadata.

Nft tokens list