How does #NFT work?
First of all, we need to understand that NFT is essential items that can be collected. Like a painting, rather than a typical token which has lots of incentives associated with it to increase buyer demand.
#NFTCommunity #NFTartist #blockchain #Crypto
First of all, we need to understand that NFT is essential items that can be collected. Like a painting, rather than a typical token which has lots of incentives associated with it to increase buyer demand.
#NFTCommunity #NFTartist #blockchain #Crypto
Therefore, valuing NFT is like valuing a real-life precious item; whoever feels it has a price, will pay that price.
Example: There are a lot of abstract paintings that are worth a few thousand dollars. Very few people understand what they mean, for example, but people still buy them.
Speaking of issuance standards, usually on the Ethereum blockchain, tokens are popular in ERC-20. But in the NFT, a lot of standards are adopted, the most prominent of which is ERC-721.
A recently improved standard is ERC-1155, which allows single contracts to contain fungible and non-fungible tokens, opening up a whole new range of possibilities.
Like other tokens, NFT can be stored in a personal wallet, typically a Trust Wallet. It should be noted that NFT cannot be copied or transformed without the owner's permission - even by the NFT publisher.
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