You must have seen NFT Token while browsing the internet or attending events. Or there may be those who haven't seen an NFT Token and are now hearing its name for the first time. In this article, what is NFT Token, what is it used for, where it is used etc. we will talk about them.
What is NFT(Non-Fungible Token) Token?
NFT stands for unique unique token and it is defined by some as collectible digital assets.
Fiat currencies and coins can be exchanged by nature, that is, we can exchange any currency for another currency of the same value. For example, when someone lends you 10 dollar, you can pay that debt with another 10 dollar or two 5 dollar, or a Bitcoin is always a Bitcoin. On the contrary, NFTs are collectible and have different values ??from each other. The most common example of immutable tokens are ERC721 tokens.
In Which Areas Are NFT Projects Used?
NFTs are used in many industries including Entertainment, Protocol, Social Money, Gaming Platform, DeFi, Blockchain Solutions, Smart Contract Platform, Governance, Yield Farming, Commercial Services, Business Platform, Art, Staking and Emoji.
One of the first projects that attracted great attention and popularized NFT was CryptoKitties, a game created on Ethereum that allowed users to accumulate, produce and exchange virtual cats.
What is Platforms and Crypto Money Projects Related to NTFs?
There are NFT on SAND, Enjin Coin, Decentraland, THETA Network, Meme, CHADS VC, UniLayer, Aavegotchi, RedFOX Labs, Phantasma, Rarible, Shroom.Finance, Ultra, WAX, WHALE and many more crypto money projects.
What is NFT Standard?
NFTs are unique and each has different values ??or properties. While NFT tokens gain value thanks to their collectibility and uniqueness, exchangeable tokens gain value as the number of users increases. In this sense, the most popular platform is the Ethereum network, like many new ecosystems. Ethereum network, which enables token issuance with ERC-20, also has standards such as ERC-721 and ERC-1155 for NFTs.
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