Why are we all so entitled to the Blockchain industry? For the high development pace? Of course. For the number of appearing opportunities, growing like a weed under the sun and rain? Surely. For building up an alternative financial and tech sphere? You name it. Trends in Blockchain switch one another and each trend leaves us with a new reliable product that is implemented into the whole industry as it was there for the whole time. What is coming next? What should we expect next? As you might have heard are on the way. So, what is it and how can change the world? NON-FUNGIBLE Tokens NFT As I get that are issuing NFTs, I decided to write about it for more people to undesrtand how it works. more and more clients What is NFT Let’s go from the top. are a type of cryptographic tokens that standalone. Speaking in other words, non-fungible tokens are not interchangeable by their individual specification in the way that crypto-assets such as Bitcoin is. Non-fungible tokens can be used to create verifiable digital scarcity. Non-fungible tokens (NFT) NFTs can be useful for industries that require some kind of unique items, let’s say for identification of the piece of art or any other unique achievements of a user. If you have two bitcoins on different wallets those would be completely the same. If you swap them nothing would change. The distinction lays in the hash that assigned to each separate Non-fungible token. If we turn this whole construction around we would see that basing on token provenance we can determine it and distinguish from tons of other tokens. Where does that lead us to? Two NFTs are not equal to each other or any third NFT even in their inner value or token specificity individually. The financial system that is being built in the Blockchain world has significant disadvantages that obstacle it from conquering the world. As an example, real estate assets often cannot be fully represented in blockchain because of assets specific complexity and security requirements set up based on industry requirements. The same can be said about the difference between traditional fundraising processes (IPO) and innovative methods in Blockchain industry (ICO, IEO, STO). NFTs also can make investment procedures and processes in blockchain more like their precursor - IPO. Implementation of NFTs might help us to feel more secure about investments and provide with additional value - an opportunity to act as a shareholder with the full right to participate in the project’s life. Tech side and how to issue NFT How NFT implement the features that are mentioned above? The answer is in the Standards on which Non-Fungible Tokens are issued. Chosen Standard allows developers to program assets specific behavior  and set up strict and detailed guidelines on how to interact with features of assets build on NFTs. ERC-721 This Standard firstly used by CryptoKitties. The greatest benefit of the mentioned Standard is that it allows developers to write ERC-721-compliant contracts . ERC-721 was the first one for non-fungible digital assets creation. by simple OpenZeppelin import ERC-721 also provides a permission way to transfer these assets, using the transferFrom method. You can learn more (including tech specification) about . ERC-721 here ERC-1155 team, that developed ERC-1155 brought the idea of world. Enjin semi-fungibility to the NFT The Standard allows representing several groups of assets, not a single asset. You can learn more (including tech specification) about ERC-1155 here. Non-Ethereum Standards Surely, no one would argue, that Ethereum is the most convenient and developed platform for token creation. However, other chains might be useful as well. I’m speaking about , which is working on the implementation of feature-rich cross-chain and , who dedicated their efforts to building up an independent NFT module, that will be a significant part of . DGoods COSMOS COSMOS SDK Also, one of the newest blockchains - are open to NFT projects and already partnered with , UFC and other big names to create a joint exclusive NFT items for the fans of these brands. You can learn more about how FLOW NBA to create NFT with the FLOW blockchain here. NFT Market There are still lots of challenges ahead for NFT and the market is only in its starting position. Market capitalization is quite small at the moment. Because of the lack of spot prices for assets, it is more difficult to measure it comparing to the cryptocurrency market. If we take into account secondary trading volume (peer-to-peer) as a basis, then . monthly figures are close to $2 - 3 millions After the 2018 CryptoKitties hype, the number of new users somehow interacting with NFT is growing at a low pace, but sustainably. Exciting, isn’t it? If the blockchain community will fully accept and adopt Non-Fungible tokens in a short time, we would have a future on our doorstep right away. In the meantime, if you have any questions about NFY or you are a NFT/DeFi/crypto project and want to know more how to promote you project, you can always contact me via Telegram (@baloyan) or LinkedIn. Check out my previous articles at HackerNoon: The Ultimate Checklist For Marketing DeFi Projects How to List Your DeFi Token on UniSwap The Ultimate Guide to Listing at Crypto Exchanges How China’s New National Cryptocurrency Changes Everything

Cosmos

Uniswap

Flow

Chain

How to Promote a DeFi Project: Top 4 Marketing Instruments

How to List Your DeFi Token on UniSwap

Need advice on your Crypto/DeFi project? Message me in Telegram

Need advice on your Crypto/DeFi/NFT project? Message me in Telegram

Book a call

HackerNoon's DeFi Degen of 2021

Nominated for 2022 - Best Crypto Journalist

Nominated for 2022 - HackerNoon Contributor of the Year - Blockchain

Nominated for 2022 - HackerNoon Contributor of the Year - Defi

Nominated for 2022 - HackerNoon Contributor of the Year - Metaverse

Nominated for Hackernoons Nft Wizard of 2022

Nominated for 2022 - Web3 Wizard

Nominated for 2022 - HackerNoon Contributor of the Year - Decentralized Internet

Nominated for 2022 - HackerNoon Contributor of the Year - Nft

Too Long; Didn't Read

Issuing Non Fungible Tokens (NFTs): A How-To Guide 

Issuing Non Fungible Tokens (NFTs): A How-To Guide

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

10 DAOs You Need to Know About Right Now

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

01/06/2018: Biggest Stories in the Cryptosphere

10 DAOs You Need to Know About Right Now

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

01/06/2018: Biggest Stories in the Cryptosphere

Light-Mode

Classic

Newspaper

Minty

Dark-Mode

Neon Noir

Minty

HN StartUps