NFT’s: Non-Fungible Tokens

Non-fungible describes an asset that is unique. NFT’s contain identifying information recorded in their smart contracts. It’s this information that makes each NFT different and as such, they cannot be directly replaced by another token.

They cannot be swapped like for like, as no two are alike. We use several standards of NFT’s, for example:

ERC721: Each NFT’s is one unique item in MetaGold World. This standard allows us to tokenize ownership of any arbitrary data.

ERC1155: Standard used to create both fungible (currencies) and non-fungible assets (e.g. in-game items). Transactions could be bundled together – thus reducing the cost of transferring tokens.