Web3 Overview Roadmap
Introduction to NFT's
Non fungible tokens (NFT's) are unique tokens based on blockchain technology, similar to how cryptocurrency works. NFT's can represent real world assets like real estate and artwork and can be purchased on marketplaces like Opensea.
Each NFT is unique and cannot be replicated as they have unique codes and metadata. An NFT can visually look identical to another NFT but each are completely unique. For example 1000 NFT's may be created for admission to a music festival, visually each 'ticket' is the same but each one has a unique identifier. Each NFT is created through a process called minting where the NFT's information is posted on the blockchain.
Not to get too technical as you can dive deeper into this yourself but NFT's are created using a standard interface known as ERC-721. This template allows developers to follow the same standards which in turn means greater compatibility with a wide range of exchanges, wallets and dApps. The one thing that's important about ERC-721 is that each ERC-721 token is unique.
NFT's Explained
This video explains NFT's in a simple way but elaborates on the key qualities and important features that you need to know.
Did you know?
The most expensive NFT to be sold (so far) is PAK's 'The Merge' which sold for a staggering $91.8 million.
Question 1/2:
What standard interface is used to create NFT's?