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Non-fungible Tokens (NFTs)

November 9, 2022 1 minutes  • 186 words
Table of contents

Fungible: non-unique divisible (Bitcoin)

Non-fungible: unique and nondivisible (NFT)

NFT get their value by the celebrity in the chain of transactions: This was owned by Bill Gates. Same metaphysics as an autographed item.

Key is marketing. Thought more important it is for NFTs.

Token is data managed by an instance of a smart contract.

Fungible tokens belong to the same contract

FT has:

  • Name
  • Symbol
  • Total Supply
  • Balance

NFT has:

  • Owner
  • Token ID

Wallet is an app that acts like a local database for keys and interact with the blockchain

DeFi is an evolution of fintech that uses blockchain and eliminates 3rd party intermediaries.

Interest rates are based on Yield Farming via Automatic Market Makers through liquidity pool and asset swapping.

NFT is made divisible by tokenization through liquidity pools

Pubic Blockchain and Gas Fees in Qwei

Transaction = Sender + Recipient + Payload + Gas + Signatures

Layer 2 Protocols is an additional layer that acts as a private network to make Ethereum transactions cheaper.

Hyperledger Fabric does not use crypto. It can create NFT then transfer it.

Smart contracts are called chaincode in Hyperledger

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