Matcharunners – NFT

Non-fungible tokens (NTFs) are in German: non-exchangeable tokens. Simply put, an NFT is a virtual token that protects a digital object, for example an image file, assigns it to a person and marks it as an original unique item.
In contrast to NFTs, Bitcoin, for example, is an exchangeable (fungible) token. If you exchange one bitcoin for another, you end up with a bitcoin again. Since NFTs are one-offs, this is not possible.

• NFTs are digital and unique.

• Each NFT has an owner who is clearly visible and verifiable through the blockchain.

• NFTs are compatible with anything based on Ethereum. For example, an NFT ticket for an event can be exchanged for a work of art.

• Content creators can sell and trade their work anywhere in a global marketplace.

The possible applications of non-fungible tokens are diverse: digital trading cards, digital works of art, tickets, land, audio files, video clips, tweets, gaming content - many things can be tokenized and thus also realized as NFT

The technology behind NFTs is extremely versatile. There are hardly any limits to the imagination, almost everything - from the trading card to tweets to the building plot - can be tokenized and can therefore be realized as a unique, forgery-proof NFT. Above all, the use for collectibles and digital art objects has established itself in the NFT area, but there are also initial projects that go well beyond that.

In the crypto world, many things are fungible. Cryptocurrencies like bitcoin and ether are easily exchangeable - just like a banknote. If you send a bitcoin and get another bitcoin back a week later, you won't notice any difference. A bitcoin is a bitcoin. The same is true for many tokens, such as ERC-20 tokens on the Ethereum platform. 100 BAT tokens can easily be exchanged for 100 other BAT tokens and the owner would not even notice if 100,000 Shiba Inu tokens were exchanged for 100,000 other Shiba Inu tokens.

This is different with non-fungible tokens, or NFTs for short. The ERC-721 standard laid the foundation for this on the Ethereum platform in January 2018. Each ERC-721 token allows individual design, can have different properties than the other tokens from the same smart contract and is therefore unique. In this way, artists and developers can issue entire series of works of art, avatars, digital trading cards or other NFT implementations in which each individual token is unmistakable - not only visually but also technically. All the advantages of the blockchain, from decentralization to transparency and protection against counterfeiting, are retained. ERC-721 tokens can change hands just like ERC-20 tokens and cryptocurrencies, which is why NFTs can be traded on exchanges. All you need is an NFT marketplace like OpenSea.io and a compatible wallet like MetaMask with a little Ether for the fees. Now you can buy and sell NFTs. In addition to Ethereum, there are now numerous other blockchains and crypto platforms that support NFTs, including Solana, Avalanche and Tezos.

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CryptoPunks
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doodles
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CyberKongz
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