{"id":16798,"date":"2023-01-10T21:37:10","date_gmt":"2023-01-10T21:37:10","guid":{"rendered":"https:\/\/www.infostor.com\/?p=16798"},"modified":"2023-08-26T14:26:05","modified_gmt":"2023-08-26T14:26:05","slug":"nft-smart-contract-types-standard-and-uses-explained","status":"publish","type":"post","link":"https:\/\/myonlinesecurity.co.uk\/nft\/nft-smart-contract-types-standard-uses-explained\/","title":{"rendered":"NFT Smart Contract Types, Standard And Uses Explained"},"content":{"rendered":"
Are you new to the NFT market and wondering, “what is an NFT Smart Contract?” Then you are not alone! Many newcomers are curious to know how to secure their NFT tokens as intellectual properties against fraudulent activities. And here is where understanding NFT Smart Contracts can help you out.<\/p>\n
As a blockchain program, a Smart Contract serves as safe storage for digital information for all NFT transactions between a buyer and an investor. So it is crucial to know what it is before you learn how to create an NFT Smart contract for your transactions on the Ethereum blockchain.<\/p>\n
So today, we shall check out what is an NFT smart contract, some easy NFT Smart contract examples, its different types, and its function in verifying token authenticity.<\/p>\n
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For everyone investing in popular and upcoming NFTs projects, knowing about NFT Smart Contracts is a must. It stores all information regarding the transaction of an NFT from buyer to seller and is accessible by permissible parties. It is the ultimate verification of NFT ownership and is also transparent.<\/p>\n
As NFTs are digital intellectual properties, these tokens deserve the utmost security that is possible through a Smart Contract. The NFT Smart contract code can store the transaction details and stays within the blockchain. This stored information has all the transferability information that reflects a legitimate transaction between two parties.<\/p>\n
Not to forget, NFT Smart Contracts can take care of royalties and link to different digital assets. It also ensures that one NFT cannot be divided and sold as individual components. They are the ultimate permanent identification information, making your NFTs non-replicable and unique.<\/p>\n
Now that you understand what an NFT smart contract is, let us move on to the two different standards of NFT Smart Contracts. They are both Ethereum standards and are widely popular for their secure transactionality.<\/p>\n
The NFT Smart contract Ethereum in ERC 721 Standard<\/a> is the very definition of the software. It is found on the Ethereum blockchain and makes NFTs one-of-a-kind and everlasting on the blockchain as an investment. All in all, it is what makes NFTs non-fungible, harder to replicate, and a popular unique digital asset on the Ethereum blockchain.<\/p>\n A proper NFT contract example would be how concert tickets work. They all look the same, but each has an ID, a unique barcode, and a serial number that makes it unique and non-fungible, making them harder to replicate.<\/p>\n One ERC 721 can manage multiple NFT tokens and just need the Token ID and Smart Contract address. It represents the authenticity of your digital ownership and keeps the NFT token safe from counterfeiting.<\/p>\n It is one of the most popular NFT Smart Contracts due to its ability to make your NFT the most distinctive and secure from fraudulent practices.<\/p>\nERC 1155 Standard<\/h4>\n