The first NFT standard, ERC-721, was introduced to the Ethereum blockchain in 2017, paving the way for the creation and trading of unique, indivisible digital assets. This standard allowed developers to create smart contracts that could define and manage ownership of NFTs, making it possible to verify ownership and transfer them between parties.
The rise of NFTs in recent years has been driven by factors including the increasing popularity of blockchain technology, the desire for digital creators to monetize their work, and the growing interest in digital collectibles. NFTs have been used to represent a wide range of digital assets, including artwork, music, videos, tweets, and even virtual real estate in video games. The ability to prove ownership and scarcity has made NFTs a valuable asset for collectors and investors, with some NFTs selling for millions of dollars at auction.
Types of non-fungible tokens
- Physical NFTs.
- Phygital NFTs.
- Ticketing NFTs.
- Membership NFTs.
- Time-based NFTs.
- Metaverse NFTs
- Fractional NFTs