What are NFTs?

Published on Dec 26, 2022Updated on Apr 11, 20245 min read1,339

1. What is NFT?

NFTs, or non-fungible tokens, are unique digital representations of a piece of media built and certified by blockchain technology. They can be a representation of practically anything from art, to collectibles, music, videos, gaming gear, and much more.

  • NFT v.s. FT
    NFT stands for Non Fungible Tokens. It's the only and inseparable token, such as Cryptokitties, tokenized digital tickets.
    FT (Fungible Token), generally refers to native tokens of a blockchain network, or tokens minted under fungible token standards. For example, BTC, ETH, USDC, and USDT are fungible tokens. But the boundary of FT is also constantly expanding and evolving.

2. What are NFTs?

NFTs are generally minted with ERC-721 standards. NFTs are unique, indivisible, and interoperable proofs of digital asset ownership. It may represent your house or gear in a metaverse, or prove that you own a certain digital or physical entity, such as a piece of artwork, or an a bric-a-brac in a virtual place.

Unlike FT (Fungible token), each NFT has its own unique attributes that distinguish it from other NFTs. Each NFT has its unique attributes or properties, which may be stored on a blockchain network or other distributed networks.

  • ERC721 v.s. ERC1155
    This section may involve a bit of nitty-gritty about NFTs, but it's always nice to get started with the building blocks of any burgeoning space before taking the plunge into it.
  • ERC-721
    ERC-721, also called Non-fungible Token Standard, is a standard of smart contracts for creating NFTs. According to the proposal submitted to the Ethereum Improvement Proposals, NFTs can represent ownership over digital or physical assets. We considered a diverse universe of assets, and we know you'll dream up many more:
    • Physical property — houses, unique artwork
    • Virtual collectables — unique pictures of kittens, collectable cards
    • “Negative value” assets — loans, burdens and other responsibilities
      In general, all houses are distinct and no two kittens are alike. NFTs are distinguishable and you must track the ownership of each one separately.
  • ERC-1155
    Compared to ERC-721, ERC-1155 offers an all-inclusive solution to tokens on the Ethereum blockchain. With ERC-20, for example, developers must deploy a smart contract for each individual type of tokens. ERC-721 standard introduces token IDs and the possibility of creating a group of tokens independent of one another known as NFTs. But ERC-20 and ERC-721 can't exist simultaneously in one smart contract.
    In contrast, the ERC-1155 Multi Token Standard allows for each token ID to represent a new configurable token type, which may have its own metadata, supply and other attributes.

3. What is OKX NFT Marketplace?

The OKX Marketplace consists of two primary trading markets: Ordinals and the NFT Market. The Ordinals market facilitates seamless trading, transfer, and certification of BRC-20 assets and BTC NFTs. On the other hand, the NFT market serves as a multi-chain aggregator that encompasses creation, collection, and trading. Currently, the platform doesn't impose any service fees and actively participates in primary market Launchpad activities through collaborations with builders, artists, creators, and celebrities. OKX Marketplace offers real-time access to orders from well-known NFT platforms like OpenSea, MagicEden, Looksare, IMX Official, Element, Blur, and more. It streamlines the process with one-click listing on various platforms and is compatible with 17 popular chains, including Ethereum, Solana, BNB Smart Chain, and OKTC.

4. Why OKX NFT?

Create, find and trade NFTs, Ordinals, P2P crypto using advanced analytics tools, experience all the amazing features below:

  • Aggregated Pricing and Data: trade NFTs with pricing and data aggregated from dozens of leading NFT marketplaces like Opensea, Blur, and more
  • Leaderboards: see what’s hot in the NFT space with leaderboards and rankings of high-volume and high-value collections and buy multiple using cart checkout
  • Primary Launchpad: find exclusively curated NFTs, sales, and tickets
  • Orderbook mode: setup market and limit orders to buy NFTs singular or bulk
  • Ordinals: OKX Wallet is the only major wallet which supports inscribing BTC NFTs and BRC-20 inscriptions
  • Peer-to-Peer (P2P): buy and sell orders via a multi-chain, OTC P2P platform with zero slippage and fees

5. What are the OKX NFT Marketplace features?

OKX NFT brings together many esteemed artists, game developers, creators, and NFT enthusiasts to create and trade NFTs. The platform features 5 tools for you to make the most out of NFTs, which are:

  • Crypto: for P2P trade, all at your own price;
  • Ordinals: One-stop hub for trading and inscribing BRC-20 and BTC NFTs.
  • Marketplace: place offers or listings on NFT across respected markets and numerous blockchains. OKX NFT supports 17 blockchains including Ethereum, OKC, BSC, and Polygon;
  • Rankings: similar to stats — access real-time, comprehensive on-chain data to help users gain insight into market trends;
  • Launchpad: launch your projects on OKX's exclusive NFT initial offering platform.

OKX NFT is committed to improving our products and services. For more information about Web3, blockchain, or OKX, you're welcome to visit our Help Center.