The ERC-721 standard just like other Ethereum token standards answers certain questions and defines the characteristics of a specific token.

Non fungible tokens explained simply. The concept of non-fungible tokens is much simpler than you may think. 3 The Do-It-Yourself Minting of NFTs. A non-fungible token or NFT is primarily a unit of data stored on a digital ledger that can be added to a digital file to certify its uniqueness.

Httpsyoutubekm6-ZmZmqrUThis is a follow-up QA episode where I try to. Before I get to NFTs lets talk about collectors of historical artifacts. Non-Fungible Tokens Simply Explained.

Some interchangeably refer to ERC-721 tokens simply as non-fungible tokens NFTs although there are other subsets of NFTs as well. NFTs Explained Debunked and Legitimized July 30 2021. A Brief History of Non-Fungible Tokens At its core an NFT is simply a unique and non-interchangeable digital asset whose ownership is recorded on a blockchain.

A 20 note is a good example of this if you lend one to a friend you wont notice if youre given a different one back. First you must understand what a fungible token is. In simple parlance if a bill of money was to be exchanged with a similar bill or two bills of equivalent amount it would make no difference in monetary terms to the holder.

In Part 3 Fickser demonstrates the do-it-yourself minting of NFTs. Although the wording sounds fancy the actual concept behind a non-fungible token is actually quite simple and straightforward. If I have 10 Ether in my cryptowallet I can try to send 10 Ether to one address and simultaneously 10 Ether to another address ignore gas fees but the Ethereum protocol will catch my attempt to double spend and invalidate one or both payments.

Mar 19 4 min read. They are strange and expensive. The standard defines a long list of attributes.