Right now NFTs are being sold for 10s of millions of dollars, but what exactly is being sold? What is on the blockchain and what is not on the blockchain?

Marshmello NFT on Ownerfy
Marshmello NFT on Ownerfy
Image Credit: Marshmello by 0x3d9092daa3cf5416d3780d1cda2cb0ef4f3495cb

For the vast majority of NFTs marketplaces the only thing that is saved on the blockchain is a token ID and a URL to the information about that token. This means for your $4,000 NFT what you purchased was something like this tokenID: 400, URL: https://google.databucket/id. and that’s is. …


What are they good for?

Pre-reading:
What is an Ethereum Token?
Difference Between Fungible and Non-Fungible
What is an ERC-721?

*Update Receiptchain is now Ownerfy! The only app that allows you to mint NFTs from your phone.

Non Fungible Tokens (NFTs) are great for representing things like titles, deeds, game items, and other tradable goods. An NFT represents a single item and the history of who traded that item is preserved on the blockchain. Fungible Tokens (ERC20s) are great for representing things like currency, stocks and tickets for your events, but what if you want to mix the two? Now…

Nicholas Juntilla

@nickjuntilla on instagram

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