On the Ethereum blockchain, a token standard known as ERC-721 can be discovered.
These assets are commonly referred to as non-fungible tokens, an asset class that experienced a boom in popularity in late 2020 and the initial of 2021.
Tokens that are distinguishable from other tokens are referred to as non-fungible tokens (or NFTs for short).
Something that is fungible is something like a $10 bill. Since each of these banknotes is similar, you are not required to get the same one back if you lend one to a friend.
An instance of something non-fungible is a ticket for a flight or a trading card. Even while two tickets appear identical, one may guarantee you a first-class flight to Brazil while the other may give you an affordable trip to New Orleans. They cannot, therefore, be exchanged like for like.
This idea is brought to the blockchain through ERC-721 tokens, ensuring that unique information about an asset can be preserved. A one-of-a-kind piece of art can be represented digitally using NFTs, with blockchain records making it simple to establish ownership. This may aid in putting a stop to counterfeiting.
