Blockchain-driven NFTs are the present-age digital assets that pledge huge monetary rewards and passive income. Non-Fungible Tokens have been attaining prevalence with the number of NFTs being launched and the trading volume increasing proportionally. If your interest in NFTs has deep roots, then this blog will help you learn everything about NFTs and Non-Fungible Token development services.
What Are NFTs & Why Are They Pinned With Hyper Craze?
Digital ownerships that are stored and operated on the blockchain are called NFTs. Properties like immutability, security, uniqueness, and indivisibility make NFTs deserve more hype. Though cryptocurrencies aren’t fulfilling the expectations of investors, currently, the scope of NFTs is increasing from time to time, thereby assuring the firm stand NFTs have instilled.
Agreeing with the fact that initially, NFTs were all about digital artworks that were sold for billions of dollars, which catalyzed people to go crazy. However, currently, NFTs are finding serious use cases in different businesses. In this blog, you’ll know in detail what can be converted into NFTs.
Attributes Defining Non-Fungible Tokens
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Sturdy Ownership
Let’s see how NFTs are promising in securing ownership. Suppose you convert artwork into an NFT. Upon minting, the NFTs will sit on the ledgers of the blockchain. Only you will have access to operate your NFTs (either sell or rent). No one can modify or tamper with your NFTs.
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Transparency
Whatever transactions you make, be it buying or selling NFTs, every transaction gets updated on the blockchain, and you can actually check them. The transparency property automatically brings in security.
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Uniqueness
Asset duplication or malfunctioning has always been a concern for owners – be it digital or physical. NFTs are certain in giving uniqueness to assets since every asset is given a unique ID. You must understand that once an asset has been recorded as an NFT on the blockchain in the disguise of a specific ID, the same asset can’t be replaced.
Being indivisible is another property of NFTs, which represents that an NFT can’t be split or have two owners. However, over time, this property has become invalid with the concept of fractional ownership being introduced.
Popular Token Standards For Developing NFTs
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ERC-721
ERC-721 is the first token standard that was brought into effect and is based on the Ethereum blockchain. Non-Fungible Tokens and ERC-721 token standard goes hand-in-hand as this standard is used to develop rare NFT collections.
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ERC-1155
This is another popular Ethereum token standard, which differs from ERC-721 to a smaller degree. With ERC-1155, tokens can be developed to represent both fungibility and non-fungibility.
New Sorts Of Non-Fungible Tokens
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Social NFTs
It has become a universal truth that anything and everything are convertible into NFTs. As of the present times, social NFTs are drawing the attention of social media content developers. Any type of content can be minted into Non-Fungible Tokens and listed on the marketplace that supports trading social NFTs. Say you are a Tik Tok content creator or influencer; your videos can be converted and sold as NFTs.
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Soulbound NFTs
You know NFTs can assure asset ownership. But are you aware that your personal details can also be NFTs? Tokens that are created to represent your personal information like qualifications, licenses, and other details that identify you are called Soulbound NFTs.
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Semi-Fungible Tokens
Semi-fungible tokens denote partial fungibility and non-fungibility. The best example can be event tickets. Suppose you buy tickets for an event. Initially, you can exchange tickets with someone else. But once the event gets over, the tickets can’t be sold or exchanged, which is when the ticket will attain the state of non-fungibility.
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Ticketing NFTs
Ticketing NFTs are a blockchain-based acknowledgment for those who attend any meetups or events. This ticketing NFT concept is already in use, and ticket booking online platforms like NBA, Live Nation, Coachella, etc., list NFT event tickets. Users who can buy such NFT tickets will enjoy real-life privileges.
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Music NFTs
Music tracks can also be an NFT asset. What’s more interesting is that many marketplaces have been launched in recent times exclusively for trading music NFTs. Music artists can directly get involved in selling their music NFTs and get them monetized without third-party interference.
Conclusion
I believe that this blog describing the different token standards and variants of NFTs will give you a better understanding. If you want to convert any of your assets into NFTs, choose a reliable NFT development services provider who builds custom tokens on the token standard you prefer.
