Baby Moondoge Pilot : What Is a Non-Fungible Token (NFT)?

Baby Moondoge Pilot

What Is Fungibility?

What Are Fungible Tokens?

Characteristics of Non-Fungible Tokens

  1. Rare — The value of NFTs comes from their scarcity. Although NFT developers can create any amount of non-fungible tokens, they often limit the tokens to increase rarity.
  2. Indivisible — Although not set in stone, most non-fungible tokens are indivisible into smaller units. You either purchase the entire amount of, say, a digital art piece, or purchase no art at all.
  3. Unique — This is perhaps the most significant characteristic of them all. NFTs have a permanent information tab that records their uniqueness. Think of this information as a certificate of authenticity.

Advantages of NFTs

  1. They’re transferable — Unlike exchange-traded fungible tokens, NFTs are bought or sold on special marketplaces. However, their value depends on their uniqueness.
  2. They’re authenticBlockchain technology powers non-fungible tokens. Therefore, you know that your NFT is genuine, since it’s nearly impossible to create counterfeits with a decentralized immutable ledger.
  3. They preserve ownership rights — Again, this refers to an NFT’s use of decentralized platforms where no owner can alter the data once committed.

Non-Fungible Token Use Cases

Gaming

Digital Assets

Identity

Collectibles

What Are ERC-721 tokens?

Two Things That Have Brought NFTs Into the limelight

NFT Art

What Are CryptoKitties?

What Are CryptoPunks?

CoinMarketCap x The Sandbox: CMC Heroes

What Else Can Be Turned into an NFT?

Yield Farming in DeFi

Individual Skills

Problems with NFTs

Top NFT Projects

  1. OpenSea — This is the leading marketplace for NFT art and collectibles. Listed items range from ENS to virtual pets and plots of land. Notably, the marketplace allows purchases using several virtual currencies such as ETH and DAI.
  2. Async.Art — Async is another non-fungible token artwork marketplace that allows you to not only buy and sell your NFT but also to create one. That’s not all. The platform has some programming features that enable art creators to easily define their artwork’s appearance and behavior. In fact, it even allows buyers to buy sections or “layers” of a given artwork and customize them.
  3. CryptoKitties — Although we’ve discussed this project above, it still deserves to be on the list of top NFT projects considering it brought the whole NFT game to the limelight.
  4. Ethereum Name Service (ENS) — This is a domain name service project that came to life in mid-2017. The .ETH domain names are NFTs using Ethereum’s ERC-721 standards and are tradable on NFT marketplaces.
  5. Decentraland — Decentraland is a top NFT project focusing on a distributed virtual world. Here, participants can buy virtual land. Furthermore, each “inhabitant” has a special identifying digital passport.

Where to Buy NFTs

Are We Ready for an NFT Bull Run?

Conclusion

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Baby Moondoge Pilot

Baby Moondoge Pilot

A DECENTRALIZED MEME TOKEN

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