The full name of NFT is Non-fungible token, which translates as "non-fungible token" in Chinese. It is a unique set of digital codes whose ownership is encrypted and transferred through blockchain technology. NFTs have the same technical basis as the previously introduced cryptocurrencies, and therefore all have unique and immutable identification codes to verify. On its block, all the detailed information about the work can be encrypted and stored in detail, such as creation time, issuer signature, transaction history, previous owners, etc., in order to identify the authenticity,
originality, ownership, etc. of this work to ensure This work is unique and there is no copy on any other blockchain. The NFT craze has now swept the world. From basketball star cards to GIFs, the frenzy is directly proportional to the creativity of the online community. The current major types include: images, painting creations, artworks, games, player cards, video creation, virtual characters, insurance, GIF images, community tokens, etc. Now, anyone with any ideas wedding photo retouching services or ideas can register their works or digital assets on the shelves through platforms such as OpenSea, Binance NFT, etc. The successful bidder of the product can own the ownership of the asset, while the artist still retains the copyright and the copyright of the work. copy right. Most NFTs are purely collectible and have limited functionality.
However, some NFTs have practical use or interactivity in the virtual world, such as some game-like NFTs. For example, CryptoKitties on the Ethereum blockchain, any kitten raised in the game can breed a new cat and pass its attributes to the new cat. Another example is the Axie Infinity game, where Axies characters can upgrade and purchase equipment, etc., and can also be listed on the NFT market for public trading. Now, let's learn key vocabulary and terminology closely related to NFT features and transactions!