Where were you when you first heard of NFT standards?
Chances are, it’s wherever you’re reading this right now.
But little did you know you’ve stumbled on one of the fundamental innovative building blocks of NFTs.
And as NFTs continue to revolutionize the digital landscape, it’s becoming increasingly important to understand the underlying standards that govern their creation and management.
Join us as we unravel the complexities of NFT standards and shed light on their role in shaping the future of digital art, collectibles, and more.
NFTs are digital assets representing ownership of a unique item or piece of content. Unlike cryptocurrencies like Bitcoin or Ether, NFTs are not interchangeable. Instead, each NFT has its distinct value, identity, and metadata, making them the perfect medium for digital art, music, collectibles, and more.
To ensure interoperability, functionality, and a consistent experience across different platforms, NFTs are built on standardized protocols. These "NFT standards" establish a set of rules and guidelines that developers must follow when creating and managing NFTs on a blockchain network. Two of the most popular NFT standards are ERC-721 and ERC-1155.
ERC-721 is the first and most widely-adopted NFT standard. Launched on the Ethereum network, it laid the groundwork for how unique tokens could be created, transferred, and managed.
ERC-721 established key features for NFTs, such as:
ERC-1155 is built on the foundation of ERC-721 by offering support for fungible and non-fungible tokens within a single smart contract.
Primarily designed with gaming applications in mind, this standard allows for the seamless integration of fungible tokens, such as in-game currencies, and non-fungible tokens, such as digital collectibles and unique items. Consequently, ERC-1155 enhances the efficiency and user experience of blockchain-based games, paving the way for more dynamic and immersive gaming environments.
This "multi-token" standard provides several advantages, including:
NFT standards play a crucial role in the digital asset ecosystem, providing multiple benefits like:
NFT standards are the backbone of the rapidly growing digital asset ecosystem, enabling the creation and management of valuable digital assets. As the NFT landscape evolves, we can expect new standards to emerge.
Now go forth and spread your newly attained knowledge. Some unfortunate person out there doesn’t even know that NFT standards exist!