NFT 101: What is an NFT?

NFT stands for Non-Fungible Token. Here “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same.

NFTs can really be anything digital (such as drawings, music, videos, etc.), but a lot of the current excitement is around using the tech to sell digital art.

Tokens

Rarible Multichain API various token types applicable for certain blockchain:

• Ethereum/Polygon:

  • ERC-721
  • ERC-1155
  • Rarible user-owned contracts (ERC-721 and ERC-1155) — users deploy these contracts, only owners can mint in these

• Immutablex

  • ERC-721

• Flow standard tokens

• Cryptopunks

All these contracts support these features:

• lazy mint
• Rarible on-chain royalties
• multiple creators
• upgradeable
• supports operators (who can transfer tokens on behalf of users) for the whole smart contract

User-owned contracts use beacon proxies, and these contracts can be updated by Rarible DAO. Rarible common contracts can be upgraded too.