What Are NFTs

What Are NFTs, NFTs Explained


NFTs: Non-Fungible Tokens are tokens that represent a unique digital asset. While the cryptocurrencies and other fungible assets are interchangeable on the Blockchain network, NFTs represent non-interchangeable assets which allow the representation of complex data or valuable assets on a decentralized platform.

The Ethereum community developed the ERC-721 token standard for the creation of non-fungible tokens. Through the use of NFTs, developers and crypto enthusiasts have explored a new horizon of a digital, decentralized ecosystem having a wide array of applications such as digital content, games, art work, and more. Most popular applications that have implemented NFTs are Decentraland, CryptoBeasties, Etheremon, and CryptoKitties.

 

In other words, NFTs are the bridge that we needed to fill the gap and completely represent our real-life use cases and experiences on top of a decentralized Blockchain platform. Due to all the hype of DeFi, NFTs have been gradually growing in the shadows but now their prominence can be felt through their craze which has taken over even DeFi. But the massive popularity of DeFi is not the only factor responsible for the long-lost interest in NFTs and the applications of NFTs are not the only factor responsible for their unprecedented hype.

In essence, NFTs have been subjected to sheer innovation that has resulted in this turnaround.




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