What are NFTs?
NFTs stand for Non-Fungible Tokens. They are digital assets that are unique.
They can't be duplicated, divided, or interchanged. The unique information of a non-fungible token is
stored in its smart contract and recorded on that token's blockchain.
What are the uses of NFTs?
NFTs can be used for digital assets that need to be one-of-a-kind and differentiated from each other.
They can represent everything from virtual land parcels to artworks, to ownership licenses.
Why the hype?
Everyday we see on the news - people are buying digital items like a tweet and a meme for a lot of $$$. Why?
To understand this, we need to consider the fact that each NFT asset is truly unique and can't be duplicated.
This creates rarity thus making it ideal for creating collectibles.
How do NFTs work?
NFT tokens are issued by a smart contract on the blockchain.
The majority of NFT tokens were built using one of two Ethereum token standards (ERC-721 and ERC-1155),
which blueprints created by Ethereum that enable software developers to easily deploy NFTs and ensure they're
compatible with the broader ecosystem, including exchanges and wallet services.
Eos, Neo, Wax, and Tron have also released their own NFT token standards to encourage developers to build and host NFTs
on their blockchain networks.