The market is always looking for new investment targets and new landing scenarios. From the current development of the blockchain industry, NFT is likely to be a door to the future. This series of articles will comprehensively introduce NFT related content from the aspects of NFT’s 3 protocols, 6 major fields, and basic data.
What is NFT?
Homogeneous token
Fungible Token homogenization tokens are also translated into replaceable tokens. Regular tokens are used to describe a certain commodity and each unit has the same value.
Most of the crypto assets traded for a long time are homogenized tokens, represented by BTC and ETH. In a broad sense, the U.S. dollar is also a Fungible Token. One dollar is always one dollar, and it can be exchanged at any time, anywhere, and between anyone, even if the serial number is different, it will not affect the replacement. The same is true for BTC. There is no difference between one of your bitcoins and one of mines. If we conduct a transfer and exchange of coins, we only need to pay attention to the number of coins.
Non-homogeneous tokens
NFT (Non Fungible Token) non-homogeneous tokens are also translated as irreplaceable tokens. CryptoKitties represented by the earliest CryptoKitties are typical representatives of non-homogeneous tokens. Each pass is different. You can’t use it. You have three crypto cats, and I have five crypto cats, it proves that I am more valuable than yours, because each cat has a different value, maybe yours NFT is already worth more than 100,000 US dollars, and mine may only be worth 10 US dollars.
Since each NFT is different, this attribute is an analogy in life: we all have a set of real estate, but the real estate and the real estate are different, even if there is one building in the same community, each real estate and the property The relevant information on the above is also different. Here we can have an initial understanding of NFT, and the historical origin and development of NFT will be interspersed and expanded below.
The three underlying protocol standards of NFT
In this section, you will know how NFT came about, what standard it is based on, and what are the differences between standards and standards.
ERC721
The most common non-homogeneous token standard is ERC721. The CryptoKitties created in 2017 was once the first star project of NFT. What many people don’t know is that the ERC721 standard was created and released by the project’s CTO Dieter Shirley. . It can be said that Dieter Shirley is one of the founders of NFT. Dieter participated in Bitcoin mining in 2010, and then continued to invest in Bitcoin, and later became the chief architect of the public chain Flow in the NFT field.
ERC721 is also the most commonly used token form in the NFT field. At the end of 2017, the popular game/collectibles project CryptoKitties, which caused congestion on the Ethereum network, used the 721 protocol.
“Each crypto kit is unique”, this is the slogan used to be the official website of CryptoKitties and the most important feature of NFT. Even if you look at the same cat in the same category, there will be parameter changes; and these invisible parameters are still non-homogeneous token NFTs, rather than token tokens in the traditional sense.
ERC1155
The creation of the ERC1155 standard is also inseparable from the project’s CTO, but this time the project’s business is game development. Witek Radomski is the co-founder & CTO of Enjin.
Enjin is a game developer. The main reason why Enjin CTO Witek Radomski created ERC1155 is that game props are required when developing games, which requires multiple props and accounts to be sent, and it is very expensive to call a contract for each sending. For example, there is a game with 100,000 daily active users and millions of registered users. Everyone who upgrades the game will get a sword. At this time, if one million people are transferred once per person on the blockchain, how much will it cost? According to the current ordinary transfer fee-the ETHgas fee of 2 US dollars, it is directly necessary to bear the cost of 2 million US dollars (about 13 million yuan). This is a large amount of overhead for the game company, and the process is cumbersome and the time period is relatively long. long.
The birth of ERC1155 solves similar problems to a certain extent, because this protocol standard has both the characteristics of BFT and FT, and has the characteristics of a semi-fungible token. The ID here is compared with ERC721 The difference is that the ID is no longer an item, but a class. For example, the jacket of game props is a category. Set the quantity of jackets when transferring money, so that you only need to call the contract once to send multiple numbers of props, such as the game upgrade mentioned above. A sword, this is a category. There is no difference in tokens in this category.
To understand in detail, we can say that the game service area you are in has 100,000 dragon slaying knives and 5,000 full moon scimitars. With the ERC1155 protocol, there is no difference between dragon slaying knives and dragon slaying knives. There is no difference between a knife and a full moon scimitar, but there is a difference between a dragon slaying knife and a full moon scimitar. But in theory, strict NFT should be different for each item, so ERC1155 is a semi-fungible token, which is equivalent to a physical semiconductor-between an insulator and a conductor.
It is worth mentioning that: ERC1155 can meet the flexible needs of different scenarios, such as transferring a large number of multi-category assets at the same time, and it can also transfer a large number of assets of the same category, such as 10 coats + 5 hats, which can be completed in one transfer. Greatly improve the speed and convenience of transfers.
ERC998
This standard is not as common as the above two, so many people have not heard of it, and it is called Composable NFTs (abbreviated as CNFT). Its structural design is equivalent to a standardized extension, allowing any NFT to be bundled with other NFTs or FTs. When transferring CNFT, it means transferring the entire hierarchical structure and ownership of CNFT. The simplified understanding is: ERC-998 can contain multiple tokens in the form of ERC-721 and ERC-20.
This means that CryptoKitties a cat can have homogenized assets, such as some ETH tokens, or non-homogeneous props, such as the crypto cat holding a card or bringing a big gold The chain, this card or big gold chain is originally an NFT. At this time, you can pack everything in one transfer. ERC998 is a product similar to “packaged” sale.
The above is the first part of this article. Starting from the basic protocol standards, it will take you into the world of NFT. The next article will explain the 6 major areas related to NFT-this is the most critical content.
If you want to understand the logic of the NFT code layer, it is recommended to go to CSDN to search for relevant technical details. The technical explanation inside is more detailed, but for us who have a preliminary understanding of the basic concepts of NFT and common protocol standards, this article is enough.
