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What are NFTs? A Quick Look at Non-Fungible Tokens.

 

What are NFTs?

NFTs is an Acronym for ”Non-Fungible Tokens” A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to establish a verified and public proof of ownership.

They are non-fungible digital assets mostly referred to as ERC721, ERC1155 on Ethereum, BEP721 and BEP1155 as NFTs on BSC that are either unique or limited in quantity. Think of them like you would a famous painting by Picasso or the video game Gamma Attack for the Atari 2600. NFTs are like vintage baseball cards but only in a digital form that is unique, non-fungible and secured using cryptography. Usually, crypto collectibles are represented as real-life objects such as pets or avatars. Some crypto collectibles are computer generated works of art. Each token has variations in specific attributes and there are limits to the number of tokens that can be generated.

Where to store NFTs?

Personally, I would say Trust Wallet provides an easy way to store and access all your crypto collectibles on Ethereum and BSC with peace of mind and security. Crypto collectibles are secured on the blockchain and associated with a public address.

Over the last few years, we have seen various versions of crypto collectibles such as;

  • CryptoPunks
  • CryptoKitties
  • Decentraland
  • Axies
  • and more which have become very popular.

 

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