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The Ultimate Non-Fungible Token PDF

The Ultimate Non-Fungible Token Summary

The Ultimate Non-Fungible Token (NFT) Guidebook: A Practical Guide to Everything NFT in Everyday Language. What is a Non-Fungible Token? Non Fungible Tokens or NFT's have gotten a lot of press recently. This book is a comprehensive guide, in easy-to-understand terms- What an NFT is, the History of NFT's, how to invest in NFT's as well as how the Future is Non-Fungible.

From Crypto Kitties to the $250 million sales of the NBA's Non-Fungible Token, to the recent $69 Million sales of Beeple's NFT at Auction House Christie's this book is the starting point for anyone interested in investing in and understanding NFT's.

About the Author

Mr. Michael E Hayworth has Consulted Family Offices and Hedge Funds on Cryptocurrency since 2015 in addition to Designing Experiences for their Clients. He has also served as a Producer for a Nationally Syndicated Television Series (starring his brother), Curated a TEDx event as well as written 4 books across 3 genres, including the blockbuster bestseller “The Ultimate NFT Guidebook “(Satoshi’s Ghost-a Novel, The Unofficial Theme Park Cookbook, Making Passive Income through Alexa Skills, and Networking in the Entertainment Industry)

A Dedicated Storyteller in everything Hayworth does, strategic value, profit, and change come from doing the Impossible reflecting his key personal mantra- “I Make Possible Everything- I M POSSIBLe E™”
Creator- #SouthernBelleMafia-the World's First Interactive Social Media Novel
Community Builder , Creative Director of Context for Conversation -and New Media Innovator.

The Ultimate Non-Fungible Token Introduction

Excerpt. © Reprinted by permission. All rights reserved.

WHAT IS FUNGIBILITY?

Fungible means changeable. It is proven that fungible assets are actually the odd ones out. A currency is a classic example of a fungible asset. Five dollars is always five dollars no matter the serial number on the specific five-dollar bill, or whether its five dollars sitting in your bank account. The ability to replace a five-dollar bill with another five-dollar bill (or five ones, for that matter) is what makes currency fungible.

Fungibility refers to an asset's ability to be exchanged with a similar asset without sacrificing its value. Fungibility also defines an asset's characteristics, such as divisibility and value.
For example, one $10 dollar bill is identical to another $10 dollar bill in terms of value. As such, when you borrow a $10 dollar bill from someone, you don't have to return the exact same note, since another of its kind has the same value.

In the cryptocurrency sector, one BTC has the same value as any other BTC. However, the game changes when we cross over to non-fungible tokens. An NFT crypto token has a distinct value from any other similar token. Individual characteristics dictate their uniqueness, hence, they are non-fungible, much like real-world assets like rare stones, works of art and collector luxury items.


Note that fungibility is relative ; it really only applies when comparing multiple things. Consider business class, economy class, and first-class flight tickets. Each ticket is roughly fungible within its class , but you can’t fairly swap a first- class ticket for a business class ticket. Even the chair you’re sitting in is roughly fungible with a chair of the same model, unless you’ve developed a special attachment to your particular chair.


Interestingly, fungibility can also be subjective. Back to the flight ticket example, a person who cares about sitting in a window seat and an aisle seat might not consider two economy class tickets interchangeable. Similarly, a rare penny might be worth 1 cent to me but worth much more to a coin collector. We’ll see that some of these nuances become important when representing these items on blockchains.


Cryptocurrencies, utility tokens, security tokens, privacy tokens… digital assets and their classifications are multiplying and evolving right alongside cryptographic and blockchain technology.
Non-fungible tokens (NFTs) are another example of the fast-paced change in the industry. In this guide, we explore what they are, how they work, and how they're being used.


Non-fungible tokens (NFTs) are unique, digital items with blockchain-managed ownership. Examples include collectibles, game items, digital art, event tickets, domain names, and even ownership records for physical assets.


If you’ve been living in the crypto world for a while, you’ve likely heard of the term “Non-Fungible Token”, or “NFT”. Maybe you’re a doubter, a believer, or perhaps you still don’t really know what exactly a non-fungible token is. In any case, this ebook is for you!


As a marketplace for NFTs, ‘OpenSea’ has a unique viewpoint. We have seen nearly every NFT-related project that has come online since late 2017 – when the first NFT standard emerged. In fact, we’ll bet you a Gods Unchained
Card that if you ask us about an NFT project, we have heard of it and likely talked to the developers at some point! The NFT ecosystem is an integrated group of unbelievable innovators.

Basically this e-book is purported to provide an in-depth overview of non-fungible tokens, the technical anatomy of an ERC721, the history of the NFT, common misconceptions about NFTs, and the current state of the NFT market. We hope it will be relevant both to folks who are new to the space, as well as those who already know about NFTs but want to better understand the nuances of their inner workings.


A non-fungible token (NFT) is a cryptocurrency token that is indivisible and unique. One NFT cannot be interchanged with another NFT, and the whole cannot be broken down into smaller parts and used. NFTs offer myriad options for creating and trading digital assets — such as original artwork and blockchain-integrated collectible games like CryptoKitties. NFTs are useful for proving the scarcity and provenance of rare assets, both digital and real-world.
Non-fungible tokens are mainly built on Ethereum using the ERC-721 token standard.

WHAT ARE FUNGIBLE TOKENS?

Fungible tokens are tokens that are tradable for each other, and their value remains constant. In the above example, Bitcoin is a fungible token because it has the same value regardless of its owner or history.

WHAT IS A NON-FUNGIBLE TOKEN?

‘Non-fungible assets’ are just normal stuff. On the other hand ‘Fungible assets’ are the odd ones out!
Non-fungible tokens are digital assets that contain identifying information recorded in smart contracts.
It’s this information that makes each NFT unique, and as such, they cannot be directly replaced by another token. They cannot be swapped like for like, as no two NFTs are alike. Banknotes, in contrast, can be simply exchanged one for another; if they hold the same value, there is no difference to the holder between, say, one dollar bill and another.


Non-fungible tokens (NFT) are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers.
One of the main benefits of owning a digital collectible versus a physical collectible like a Pokemon card or rare minted coin is that each NFT contains distinguishing information that makes it both distinct from any other NFT and easily verifiable. This makes the creation and circulation of fake collectibles pointless because each item can be traced back to the original issuer.


A non-fungible token (NFT) is a cryptocurrency token that is indivisible and unique. NFTs offer myriad options for creating and trading digital assets — such as original artwork and blockchain-integrated collectible games like CryptoKitties.


Unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another. This is because no two NFTs are identical – even those that exist on the same platform, game or in the same collection. Think of them as festival tickets. Each ticket contains specific information including the purchaser’s name, the date of the event and the venue. This data makes it impossible for festival tickets to be traded with one another.


The vast majority of NFT tokens were built using one of two Ethereum token standards (ERC-721 and ERC-1155) – blueprints created by Ethereum that enable software developers to easily deploy NFTs and ensure they’re compatible with the broader ecosystem, including exchanges and wallet services like MetaMask and MyEtherWallet. Eos, Neo and Tron have also released their own NFT token standards to encourage developers to build and host NFTs on their blockchain networks.
Other key characteristics of NFTs include:

  • Rare: The value of NFTs comes from their scarcity. Although NFT developers can create any amount of non-fungible tokens, they often limit the tokens to increase rarity.
  • Non-interoperable: A CryptoPunk cannot be used as a character on the CryptoKitties game or vice versa. This goes for collectibles such as trading cards, too; a Blockchain Heroes card cannot be played in the Gods Unchained trading-card game.
  • Indivisible: NFTs cannot be divided into smaller denominations like bitcoin satoshis. They exist exclusively as a whole item.
  • Indestructible: Because all NFT data is stored on the blockchain via smart contracts, each token cannot be destroyed, removed or replicated. Ownership of these tokens is also immutable, which means gamers and collectors actually possess their NFTs, not the companies that create them. This contrasts with buying things like music from the iTunes store where users don't actually own what they’re buying, they just purchase the license to listen to the music.
  • Verifiable: Another benefit of storing historical ownership data on the blockchain is that items such as digital artwork can be traced back to the original creator, which allows pieces to be authenticated without the need for third-party verification.
  • Unique: This is perhaps the most significant characteristic of them all. NFTs have a permanent information tab that records their uniqueness. Think of this information as a certificate of authenticity.

Bitcoin is a fungible token. You can send someone one Bitcoin and they can send one back, and you still have one Bitcoin. (Of course, the value of Bitcoin might change during the time of exchange.) You can also send or receive smaller amounts of one Bitcoin, measured in satoshis (think of satoshis as cents of a Bitcoin), since fungible tokens are divisible.


Non-fungible tokens are not divisible, in the same way that you cannot send someone part of a concert ticket. Part of a concert ticket wouldn’t be worth anything on its own and would not be redeemable.


CryptoKitties collectibles were some of the first non-fungible tokens. Each blockchain-based digital kitten is unique; if you send someone a CryptoKitty and receive a CryptoKitty from someone else, the one you receive will be a completely different CryptoKitty from the one you sent. Collecting different digital kittens is the point of the game.


The unique information of a non-fungible token, like a CryptoKitty, is stored in its smart contract and immutably recorded on that token’s blockchain. CryptoKitties were originally launched as ERC-721 tokens on the Ethereum blockchain, but have since migrated to their own blockchain, Flow, to be easier for crypto newcomers to access.

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The Ultimate Non-Fungible Token PDF

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Product details:

EditionInternational Edition
ASINB08YS4TMX9
Posted onMarch 11, 2021
Formatpdf
Page Count131 pages
AuthorMichael E Hayworth

The Ultimate Non-Fungible Token PDF Free Download - HUB PDF

The Ultimate Non-Fungible Token (NFT) Guidebook: A Practical Guide to Everything NFT in Everyday Language. What is a Non-Fungible Token? Non Fungible Tokens or NFT's have gotten a lot of press recently. This book is a comprehensive guide, in easy-to-understand terms- What an NFT is, the History of NFT's, how to invest in NFT's as well as how the Future is Non-Fungible.

URL: https://amzn.to/3AGo8yC

Author: Michael E Hayworth

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