NFT stands for Non fungible token. The term “fungible” is used in financial and property law to refer to something that can be exchanged for money or another item of the same type. When we say a currency is fungible, it means that all the units are worth and indistinguishable from each other for brand building. For example, US dollars are considered indistinguishable because they’re worth the same and interchangeable with one another
The answer is simple, the NFTs which you can own always have a history and stored data. This makes them different from other tokens and ordinary cryptocurrency. ERC-721 is a token standard for Non Fungible Token(NFT) which uses Ethereum’s blockchain for the Proof of Authority (PoA). These tokens can represent any tradeable asset like Cryptocurrencies, land deeds, house ownership, artwork etc. ERC721 makes it possible to create unique tokens on Ethereum blockchain
Crypto Kitty is one of the simplest examples of using NFTs in an interactive way/game. Crypto Kitties are ERC-721 tokens which can be bought and sold. These unique digital kittens are stored on the Ethereum blockchain and can be used to collect, breed, buy, sell and trade.These digital kitties have special characteristics like: Find here.
You can also use NFTs for:
You can buy and sell NFTs on decentralized exchanges like IDEX and ForkDelta as well as PoA based exchanges like Ontology, Kyber Network, Airswap etc .NFTs are recently getting attention from the enthusiasts of Trading platform like Binance, OKEx etc .
The PoA based standard ERC721 can be used directly with the Ethereum blockchain to create non fungible tokens .
Non Fungibles are created using ERC721. These are owned and controlled by an Ethereum address and can be transferred anywhere in the world instantly for outreach.
The 721 in the name stands for the 7 properties describing various virtual items,such as uniqueness, ownership, divisibility, transferability etc . Non fungible tokens follow a set of standards based on ERC-20 token but with some extra functions added to it . The standards follow are:
Ethereum network can use ERC721 tokens and support the standard. The non fungible tokens are approved by the ERC-721 token creators. They need to be either created by the creator himself or sold on a decentralized exchange for other users to purchase . For example, [CryptoKitties](https://www.cryptokitties.co/) is a platform built on Ethereum blockchain which contains non fungible tokens which can be used in future for purchase or trade .
Non fungible tokens are the new way of doing business. The use cases of NFTs(Non fungible token) is immense and it can be used in real estate, art & collectibles trading, investing in trading of property assets or just collecting them as an investment asset and much more.
Most importantly, there is a limited supply of cats available on CryptoKitties platform. Only 4 billion cats will ever exist there.
The term “fungible” is used in financial and property law to refer to something that can be exchanged for money or another item of the same type . When we say a currency is fungible, it means that all the units are worth and indistinguishable from each other. For example, US dollars are considered indistinguishable because they’re worth the same and interchangeable with one another.
Bosworth said fungibility is the quality that makes a good or asset easily interchangeable with other individual goods or assets of the same type. In other words, a dollar is still a dollar, even if it was previously used to buy something else.
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