🚨 NON FUNGIBLE TOKEN 🚨
How do NFTs work?
The protocol for trading and issuing NFTs is called ERC-721. Standing for Ethereum Request for Comment- 721, this is a smart contract protocol on the Ethereum blockchain that not only allows for a token to be traded and issued, but also for it to contain the qualitative information necessary to describe and store the information of an NFT in its smart contract. It is the first token standard to do so, and operates on the Ethereum blockchain.
Since ERC-721, other token standards such as ERC-1155, which allows for the description of fungible and non-fungible tokens and TRON’s own TRC-721, have arisen, allowing for more flexibility and interoperability for NFTs.
Marketplaces such as OpenSea and Nifty Gateway provide places where people can buy and sell their NFTs. Of course, because many NFTs exist on the Ethereum blockchain, which has lower throughput, the gas fees needed to mint NFTs can be quite high.
It is important to note that although the smart contract protocol of an NFT represents ownership, it is not an analog for copyright, and is not enforceable by judicial bodies.
