How do NFTs function? Bitcoins and other Ethereum-based ERC-20 tokens are interchangeable.
The standard for Ethereum irreplaceable tokens is
ERC-721. NFTs can be created on other blockchains supporting smart contracts and currently the ecosystem is
expanding.
Non-exchangeable tokens and their smart contracts allow for the addition of
owner identity, secure links to files and more.
Yet their ability to prove digital ownership of an asset is still an unattainable luxury for us.
After all, we're essentially
just at the beginning of the road. Smart contract technology is still under development.
And
if you take blockchain, we have a lot to look forward to.
I mean, every project develops its own
version of blockchain, and there is no common standard.
It takes time to bring together all the decentralized applications and platforms to manage and create NFT.
If something seems unclear to you, share it in the comments and we'll be sure to break it down!
