can you NFT...
What is a NFT?
A Non-Fungible Token is a special type of cryptographic token with a unique and non-interchangeable value.
Fungible
Fungibility is the interchangeability of a token into other tokens without the loss
of intrinsic value
In terms of use value, Bitcoin, Ethereum, and ERC-20 Tokens are considered as fungible tokens as they
can be traded or swapped with other tokens/goods while retaining their use and value.
Non-Fungible
Non-fungible is the opposite of fungible — meaning they are unique and cannot be interchangeable.
Non-fungible goods are often rare or limited in use value.
ERC
Ethereum Request for Comments
It is an application-level standard that defines a set of functions
for a token type, allowing smart contract and application interactions.
ERC-20
Technical standard used for majority of smart contracts in the Ethereum blockchain.
ERC-721
ERC-721 is the standard interface for non-fungible tokens, providing a basic
functionality to track and transfer NFTs.
NFT Marketplaces
NFT Marketplaces are where NFTs can be sold or re-sold. Some of these platforms also allow minting as well as bidding - providing NFT owners with opportunities for profit.
Collectibles
Collectibles is a common term used within the NFT ecosystem to represent a non-fungible token.
Minting
The process of creating and recording a new block of information in the blockchain.
Transfer and Trading
NFT platforms like Rarible can handle both minting and trading. When a NFT is traded, it's information
is updated in the blockchain to reflect change of ownership.