artificial intelligence

 What is NFT

• NFT is a new form of asset ownership that enables physical objects to be registered on the blockchain, which allows for decentralized applications (dapps) to read and write data to the ledger. NFTs can represent any kind of real-world object or value, including tickets, loyalty points, gift cards, or even land titles.
• NFTs are: - not currencies - not tokens - not securities - not shares in a company - not virtual goods - not derivatives NFTs are: - certificates of ownership and value that are registered on the blockchain - tokens that represent an item or object in a digital game (e.g., a weapon, a skin, etc.)- not fungible, but still tradeable and scarce - can be transferred without third-party involvement (i.e., no centralized exchange required) - limited in supply (e.g., a physical item that is destroyed when the last token is minted)

The best example of an NFT is Cryptokitties. These digital cats are non-fungible tokens that represent specific kittens on the Ethereum blockchain. Each cat has its own unique genetic code and different attributes, such

• as its fur color and how rare it is. Each cat can be bought, sold, or bred with other cats to create new kittens. Cryptokitties are similar to baseball cards in that they’re collectibles that have a limited supply and can be sold for profit.

• The benefits of NFTs are obvious: each token has unique attributes, making them scarce and valuable. Their functionality makes them easily tradable, as well as a collectible — the most common use case for NFTs.

• Ethereum is a popular platform for creating NFTs because it’s built on the blockchain, which is public and distributed — there’s no single server or entity that controls all of the data. It’s also easy to create tokens using Ethereum, and most ICOs have used this technology. The drawback is that smart contracts can be costly to create and maintain.

• ERC-721 tokens are a subset of ERC-20tokens. These tokens are fully programmable, meaning they can represent complex rules for ownership and transactions. The most popular use case is CryptoKitties, which uses ERC-721 tokens to represent collectible cats.

• Ethereum also has its own NFT platform called ERC-1155. It’s not as widely used as ERC-721, but it offers a few advantages over the latter: cheaper gas costs, more efficient storage, and the ability to mint multiple tokens at once.

• However, the lack of a centralized marketplace like OpenSea makes it difficult to find new buyers and sellers. The development team behind ERC-1155 is currently working on a centralized marketplace called Open Collectors Network (OCN). OCN will allow users to create their own auction houses, as well as buy and sell NFTs with cryptocurrency.

• CryptoKitties vs Crypto collectibles — What’s the Difference? The ERC-721 standard is one of the most popular standards for NFTs. The most notable project that uses this standard is CryptoKitties, which was launched in late 2017. The game allows users to buy and sell digital cats using Ethereum. As mentioned above, CryptoKitties experienced some problems with scalability because of its popularity.

• In 2018, several projects emerged with a different approach to NFTs — they use ERC-1155 instead of-721. ERC-1155 is a token standard that allows developers to create fungible and non-fungible tokens in the same contract. These NFTs can be traded as if they were a regular cryptocurrency, but also have their own specific attributes (which are not divisible). For example, you could create an NFT for your favorite character in a game and sell it to another player. Or you could use ERC-1155 to implement limited edition collectibles.

• Enjin Coin, which raised $23 million in its ICO last year, is the most well-known project using ERC-1155. They plan to create a platform for creating and managing NFTs on the Ethereum blockchain. Enjin’s roadmap includes supporting a wide range of assets, such as game items, digital assets (for wallets), decentralized exchange functionality, marketplace integrations, and more. For a full list of projects using ERC-1155, check out this blog post.

• ERC-1155 is being developed by an independent developer who goes by the name ProgPoW. In a Medium post published in April, he explains why he created ERC-1155:

• “The current way that NFTs are designed results in many limitations and tradeoffs which will become more evident as blockchain technology matures. This standard is designed to provide an improved way of managing and issuing NFTs.”

What is a Non-Fungible Token (NFT)?

1. The ERC-721 standard describes the functionality of Non-Fungible Tokens (NFTs). These are unique digital assets that are not interchangeable with one another. Examples include a digital art piece, a virtual object in a game, or a cryptocurrency token representing an asset such as gold or real estate. The ERC-721 standard also describes how to verify and transfer NFTs.
2. The ERC-721 standard has been implemented in several different blockchains including Ethereum, NEO, and QTUM. The Bancor Protocol was the first to use this standard for the Bancor Network Token (BNT) on the Ethereum blockchain. The BAT token is another example of an ERC-721 token that uses the Bancor Protocol to provide continuous liquidity.
3. How does it work?
4. Each ERC-721 token is created using a smart contract on the Ethereum blockchain. A smart contract is essentially a set of instructions that execute automatically when certain conditions are met. In this case, the ERC-721 standard describes the rules for how each token will function and interact with other tokens on the network. These contracts allow for different functionalities including ownership, transfers, minting, and more. The information contained in these contracts can be accessed by anyone at any time.

These smart contracts have three main functions:

Issuance: How new tokens are created and added to the network. Exchange: The rules for how a token can be transferred from one address to another. This is where we’ll get into some of the more technical details about what makes these tokens so special. Ownership: Who owns a particular token and how that ownership can be transferred between addresses.

To transfer an ERC-721 token, we need to ensure that we can complete all four of these functions.

We’ll explore each of these in detail below, but before we do, let’s take a look at the token contract for our Hello Kitty collectible. This is what it looks like:

pragma solidity ^0.4.24; import "openzeppelin-solidity/contracts/token/ERC721/ERC721Full.sol"; import "openzeppelin-solidity/contracts/ownership/Ownable.sol"; contract HelloKitty is ERC721Full, Ownable { string public name; string public symbol; uint256 public decimals = 18; // metadata address owner; mapping (address => uint256) internal balances; mapping (address => mapping (address => uint256)) internal allowed; event Transfer(address indexed from, address indexed to, uint256 tokenId); event Approval(address indexed owner, address indexed spender, uint256 tokenId); function HelloKitty(string _name, string _symbol) public { name = _name; symbol = _symbol; owner = msg.sender; } // Required methods function totalSupply() public view returns (uint256) { return balances[owner]; } function balanceOf(address owner) public view returns (uint256) { return balances[owner]; } function transfer(address to, uint256 tokenId)