Non Fungible Tokens Introduced on NEO by O3 Labs
NEO blockchain, an open source project driven by the community which aims to create ‘a smart economy,’ has gained support for non-fungible tokens or NFTs.
Non- Fungible tokens are a kind of digital currency with unique characteristics which make them different and digitally scarce. Cryptocurrencies usually are fungible meaning they are interchangeable and identical. Fungible tokens are built using ERC-20 standards. However, non-fungible tokens, which are typically ERC-721 compliant, are not interchangeable. They have unique information and varying levels of rarity. Non-fungible tokens also differ from the fungible kind in regards that they cannot be divided that is a user cannot send a fraction of the token and has to trade in whole. They are also called crypto collectibles due to their oddity.
O3 Labs, the group that produces a popular NEO wallet and related software, released three different NFT tools into the NEO ecosystem: The NFT Explorer and Manager, O3 Token Foundry, and Developer Platform updates and integration.
NFT Explorer allows a user to search for any NFT that is located on the NEO blockchain. These NFTs conforms to the latest version of the NFT Standard. One can either search by an address or contract to find NFT’s.
The O3 Token Foundry provides a platform for developers and token enthusiasts to create their own Non Fungible Tokens. The team explains that this is as simple as picking a giphy url and a recipient, and delivering an NFT to that address. The tool can be used to create NFTs based on Internet memes.
Developer Platform updates and integration enables developers to interact with the NEO dAPI in a way that doesn’t require outside investment just to get started.
“We hope that this work will help us move forward towards finalizing the NEO NFT proposal and open up a new aspect of the Smart Economy that was previously untapped,” read the blog post which announced the news.
NFTs were popularized by Ethereum with the highly addictive game called cryptokitties back in 2017. The game introduced the ERC-721 standard, which allowed developers to create other NFT tokens. Since then, blockchains like EOS and TRON have proposed their own NFT standards and games.
Crypto enthusiasts maintain that NFT tokens hold great potential and are a multi-billion dollar market, waiting to be tapped. A blockchain that is able to monetize tradable items would cause a revolution in terms of adoption and revenue. O3 is expected to be at the forefront of such a revolution. Do read our NEO price prediction post to know the future speculations regarding the coin.