🖼️NFTs
What are Non-Fungible Tokens?
First... What is a Fungible token?
An example of a fungible token is a USDC token, no single USDC token is different from another.
This means 2 users can swap a USDC token with each other with no change to the purchasing power they hold, just like a US dollar or Euro.
Every USDC token will have the same contract address, which proves that it is indeed a real USDC token that was minted from the USDC smart contract.
Most popular fungible tokens follow the ERC-20 standard, such as USDC & DAI.
What is a Non-Fungible token?
As the name implies, NFTs are not fungible with any other token.
Just like a fungible token, each NFT minted from a particular NFT smart contract will be identifiable by the contract address. Where NFTs differ from fungible tokens is they have a unique Token ID.
Every Bored Ape NFT will have the same "Contract Address" as they were all minted from the ERC-721 NFT smart contract, but each NFT has a different token ID.
Meaning no BAYC is fungible with another, allowing them all to have a unique price and use case.
Most popular NFTs follow the ERC-721 standard, such as BAYC & Crypto Punks.
You can deploy your own using this action.
Learn more about NFTs here
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