🪄 NFT stands for a non-fungible token, which is an individually unique asset, meaning each item is different from every other of its kind. All NFTs are unique items that can be sold and traded independently of one another. NFTs can represent many different underlying assets such as art, property, domain names, and much more!

The limit does not exist

🔗 An NFT is minted (created) with smart contracts on a blockchain, which enables the network to store the NFT.  You can think of a smart contract similar to the way application logic works in a computer program. The smart contract is providing instructions for how the transaction should be executed. The code of the contract exists across a blockchain network and this can happen on various blockchains. Ethereum is most commonly used for NFTs, but others such as Tezos, Cardano, and Solana are also used.

👁️‍🗨️ Blockchains are public, meaning anyone can view an NFT and its activity history such as; creation date, creator, original wallet address, sales/transfers, and the current owner at any given time.

<aside> 🌞 NFTs are a powerful way to establish and demonstrate ownership rights in the digital asset space. Prior to blockchain technology, demonstrating ownership was difficult given that it is easy to replicate digital works without a way to prove which replicas are in fact the original.

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How did we get here?

⚡ The concept of NFTs first originated in 2015 and early NFT projects were launched in the ERC20 standard in 2017. NFTs are now developed on the ERC721 protocol on the Ethereum blockchain and  ERC1155 is a newer protocol also being used. Check them out below:

• ERC20 protocol emerged as the technical standard for Ethereum and is used for all smart contracts on the Ethereum blockchain for token implementation and provides a list of rules that all Ethereum based tokens must follow (OG protocol)
• ERC721 protocol - defines a minimum interface; ownership details, security, & metadata which are required for the exchange and distribution of tokens
• ERC1155 protocol - takes the standard further by reducing the transaction and storage costs required for NFTs and batching multiple types of non-fungible tokens into a single contract.

What exactly is Non-fungible?

‼️ Each token is a unit of currency. NFTs function like other cryptographic tokens such as cryptocurrencies but unlike cryptocurrencies they are not all created equal, making them non-fungible. For example, each bitcoin represents a unit of bitcoin and is created equal. Bitcoins are exchangeable for other bitcoins and other currencies.

🍀 Each NFT can represent something different like artwork or property and cannot be exchanged equally. The underlying assets that NFTs represent have different values, utilities, and properties.

NFTs possess individual characteristics that set them apart from typical cryptocurrencies