Another increasingly popular practical case for NFTs is art (digital art). In this form, artists can own the copyright of their own works of art, and buyers can ensure the authenticity and authority of the results of art they buy, preventing piracy and counterfeiting.
Based on fungible tokens, non-fungible tokens continue to develop. Due to their indivisible, unique, and verifiable characteristics, NFTs are increasingly entering people's vision. Since 2017, many projects have emerged in NFTs. According to The Block Research, at least 73 NFT platforms use NFTs in various fields today.
The full name of NFT is Non-Fungible Token. Unlike the fungible form of Bitcoin, the characteristics of NFT are unique. It is a unique and easy-to-verify digital asset that can represent assets such as GIFs, pictures, videos, music albums, etc. In fact, everyone may have known about NFTs a long time ago.
Many terms, abbreviations, confusing slang, and intentional misspellings are circulating in the NFT industry, leaving many rookies confused. Some of them are essential knowledge to step into the NFT industry. Others are just "boring" slang.
Still, people unfamiliar with the industry could not understand what it is worth, and its meaning to the real world.
NFTs are used more in our daily life globally. Since February 2021, NFTs have exploded, with weekly trading volumes exceeding $2 million.
Many crypto security issues like project rug-pull, fake tokens, malicious authorization, unknown airdrop, etc, have always been our concern.
In 2009, after the establishment of Bitcoin, Litecoin, Ripple and other token types were launched, but people hope that blockchain technology can continue to innovate and create more powerful tokens.
The ERC-20 protocol is an earlier and more popular token specification protocol in the Ethereum. It is the standard protocol for fungible tokens.
While reaching here, you must have noticed the constant mention of terms "fungible," non-fungible tokens. This chapter will help you if you're unsure what they mean.