First of All: What does Fungible and Non-Fungible mean?
if an item is fungible, then ic can be substituted or exchanged for any similar item.
Fiat currencies, like the dollar, contain fungible units. A-one dollar bill can be exchanged for any other dollar bill.
Cryptocurrency tokens like Bitcoin, Ethereum, and MANA are all fungible because one token can be exchanged for any other token of the same currency.
the only thing that changes is a record on the blockchain registering the transaction.
A non-fungible asset, therefore, has the opposite characteristics to this definition: they are unique, irreplaceable, and non-interchangeable.
One physical example of a non-fungible asset could be a plane ticket.
while they look the same as other tickets, each one has different passenger names, destinations, departure times, and seat numbers.
Now that you understand the concept of fungibility, let’s move forward!
the recent appearance of non-fungible tokens has left many confused regarding what these tokens are, and what do they do.
Every currency, whether crypto or fiat, needs fungibility if it wishes to be seen and used as a medium of exchange, a unit of account, or a store of value. in fact, when it comes to cryptocurrencies.
fungibility might be even more important, sins it allows them to maintain the legitimacy of interchangeability between different units.
Blockchain is literally a chain of blocks.
When we say the words ” block” and “chain” in this context, we are actually talking about digital information ( the “block”) stored in a public database (the “chain”). “blocks” on the blockchain are made up of digital pieces of information.
they have three parts :
transactions ( day, time, amount,etc);
participants (user’s “digital” signature”) and Block to distinguish them from each other.
Ethereum is an open-source platform that enables thousands of decentralized cryptocurrencies and projects to be built and deployed on their open, public blockchain.
ERC-721 is the seven hundred and twenty-first proposal in the Ethereum proposal process (EIPs) to standardize how these applications are made and how Ethereum will work.
The World of Collectibles
Crypto collectibles and the ERC-721 Token
the ERC-721 protocol makes each token unique.
They may operate on the same smart contract, but each token has its own cryptographic signature.
Perhaps the most common reference or use case for NFTs of the ERC-721 standard is crypto kitties, which uses the standard to power a crypto-collectible online game.
there are also many other useful applications for ERC-721 contracts.
Uses of Non-Fungible Tokens (NFTs)
NFTs are shaping the future of technology, including securing digital ownership, protecting intellectual property, tracking digital assets, and overall creating real-world value
Why do we collect things?
There is an interesting psychological factor in why we collect things.
the satisfaction associated with collecting can stem from the pure enjoyment of our social circles, preserving the past, and the simple thrill of the chase.
collecting is the arrangement and classification of parts of a “smaller world” within our very own.
what can we do with NFTs ?
NFTs are best known for their utility as collectibles, where users can keep digital assets assigned to their names and ownership is immutable
NFTs give players real ownership over in-game items. Gamers can monetize their efforts by actually owning (and even selling) the rare assets they earn in games.
Tokenization of event tickets prevents fraud (including fake tickets) and opens up new, decentralized markets for trading and reselling
Birth certificates, passports, driving licenses, contracts, or even patents can be tokenized with NFTs and used for identity authentication and certification
Charity and Donation
NFTs can provide entrepreneurs with new ways to raise funds and engage with their stakeholders. They can also assure the safety of transfers and support Not-For-Profit organizations to manage their funds
creating NFT based licenses can reduce software piracy, and even allow people to sell their licenses when they no longer need them. the license here acts as an asset.
The Non-Fungible Future
the realm of possibilities for non-fungible digital assets is vast.
Your identity, qualifications, real-world property, and digital collectibles could all exist on the blockchain.
NFTs can empower us as individuals to instantly transact with anyone in the world.
while companies can manage their entire inventories using digital tokens.
given time and investments, NFTs may become the foundation for future economies.
co-founder of crypto kitties
Co-founder of Gods Unchained, one of the first games on the Ethereum blockchain
Co-founder of OpenSea, decentralized marketplace for crypto collectibles
Director of partnerships at stellar
Co-founder and CEO at lucid sight, the company that developed MLB crypto baseball
Co-founder of kenetic capital. Also the founder of the Ethereum HK meetup
tech lead at Decentraland, the first blockchain-enabled virtual world powered by cryptocurrency
Co-founder and Game Designer at Etheremon, one of the Top 5 NFTs in the token space
Partner at Blockchain capital and the General Partner of Blockchain capital’s venture funds a
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