Non-Fungible tokens in Venom network
Last updated
Last updated
Non-fungible tokens aka NFT are unique cryptographic tokens that exist on a blockchain and cannot be replicated. Non-fungible is an economic term that you could use to describe things like your picture, a song file, or even your furniture. These things are not interchangeable for other items because they have unique properties.
Venom network uses the standard of fungible tokens TIP-4
Same as Ethereum ERC-721 standard, TIP-4 provides similar functionality for Venom Blockchain. As well as TIP-3, TIP-4 was designed to match the distributed system design of the Venom network. It is cost-effective for it's fee-paying model.
TIP-4 provides following functionality:
minting and burning NFTs
transferring NFTs from one account to another
selling your NFTs
ERC721 generally is a monolith smart-contract, which stores mapping, that show token owners by token ids. Tokens metadata can be stored here too in another mapping or you can store only tokenUri (mapped the same way - by token ids), which can help you to reach token metadata.
TIP-4 consists of collection contract and personal contracts for each non-fungible token. As a results, users owns concrete amount of NFT contracts, that stores metadata.
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