What are NFT?

With the launch of the Crypto kitties game in 2017, a new form of blockchain digital asset- Fungible Tokens NFT emerged.

If you’ve ever owned a cat, you’ll know that they are unique and not easy to replace. CryptoKitties replicated this concept in the crypto world — with each cat’s digital genetic material being stored on the blockchain

The common tokens that we see, such as IOST, are all fungible. There is no difference between each IOST (just like two 100 USD notes), which can be interchanged and divided. NFT are the opposite. Its important features are as follows:

each NFT has a unique token ID

NFT are not mutually interchangeable

the minimum unit is 1 and is indivisible (0.5 IOST exists, but in NFT, there only can be 1 NFT, for example, 0.5 crypto kitty does not exist)

NFT assets are the value medium used to characterize non-monetary assets. Thanks to the decentralization, immutability, and cryptographic confirmation of the blockchain, NFT solves a series of real problems of the real-world assets with the following characteristics:

Better liquidity → can be traded efficiently and atomically; Cryptography confirmation → prevention of forging assets.

In addition, NFT has also achieved features that cryptocurrencies lack, such as characterizing negative assets (liabilities), identity, proof of equity, and virtual prop items. NFT fills the gap in crypto assets, allowing us to include assets with independent value into the scope of the crypto economy and obtain the protection of the blockchain.

IOST has begun to fully lay out the NFT market & now unveil the official IOST IRC-721 NFT standard to you.