Introduction to NFTs
A non-fungible token (NFT) is a type of cryptographic token on a blockchain that represents a unique asset. These can either be entirely digital assets or tokenized versions of real-world assets. As NFTs aren’t interchangeable with each other, they may function as proof of authenticity and ownership within the digital realm.
Fungibility means that an asset’s individual units are interchangeable and essentially indistinguishable from each other. For example, fiat currencies are fungible because each unit is interchangeable with any other equivalent individual unit.
A ten-dollar bill is interchangeable with any other genuine ten-dollar bill. This is imperative for an asset that aims to act as a medium of exchange.
An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:
Videos and sports highlights
Virtual avatars and video game skins
What are the main NFT projects on Binance Smart Chain?
Binance Smart Chain benefits from a healthy NFT community on the blockchain, and it’s not all art and marketplaces either. There are NFT games and even collectibles with staking or financial benefits.
BakerySwap and Treasureland are two of the largest NFT exchanges.
BakerySwap also allows you to create NFTs quickly and for a reasonable price. When it comes to the art and creative side of NFTs, these are great places to start.
There are also blockchain games like Battle Pets and DeFi protocols experimenting with NFTs in more financial ways. PancakeSwap takes the number one spot for traded NFTs on Treasureland, making it a massive project for NFT usage.
Where can I find NFTs?
If you want to explore NFTs on offer, there are a few different places to start looking. NFT marketplaces have a variety of non-fungible tokens on sale, from both famous artists and amateurs.
There are loads out there to choose from, but some of the biggest are OpenSea for Ethereum-based NFTs and Treasureland or BakerySwap for Binance Smart Chain.
How Is an NFT Different from Cryptocurrency?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.
Physical money and cryptocurrencies are fungible meaning they can be traded or exchanged for one another. They’re also equal in value — one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.
NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).
How do NFTs work?
There are various frameworks for the creation and issuance of NFTs. The most prominent of these is ERC-721, a standard for the issuance and trading of non-fungible assets on the Ethereum blockchain.
Binance Smart Chain (BSC)has its own NFT standards: BEP-721 and BEP-1155. These two provide similar functionality to the previously mentioned Ethereum standards. Both have become attractive for creators looking to mint NFTs as the cost is substantially lower than Ethereum.
If you are looking to store and gaze upon the beauty of your NFTs, you can do that in Trust Wallet. Just like other blockchain tokens, your NFT will exist on an address. It’s worth noting that NFTs can’t be replicated or transferred without the owner’s permission — even by the issuer of the NFT.
What can NFTs be used for?
NFTs can be used by decentralized applications (DApps) to issue unique digital items and crypto-collectibles. These tokens can either be a collectible item, an investment product, or something else.
While virtual worlds are already flourishing, another exciting use of NFTs is the tokenization of real-world assets. These NFTs can represent fractions of real-world assets that can be stored and traded as tokens on a blockchain. This could introduce some well-needed liquidity to many markets that otherwise wouldn’t have much, such as fine art, real estate, rare collectible items, and many more.
Digital identity is also a sector that can benefit from the properties of NFTs. Storing identification and ownership data on the blockchain would increase privacy and data integrity for many people around the world. At the same time, easy and trustless transfers of these assets could reduce friction in the global economy.
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