NFT - FroggyFi
Welcome to the FroggyFi store, the perfect place to buy and trade the best NFTs available on the market. Explore the world of NFTs with us and start investing in the future today!
SALE OF NFTs
At FroggyFi you will find a large selection of NFTs available for purchase. Check out our unique collections and start your adventure in the world of digital assets.
NFT FGFY
there will be a collection of NFTs dedicated to the funniest frog on the web
What is an NFT?
An NFT is a type of cryptographic token on a blockchain that represents a unique asset. They can be entirely digital assets or tokenized versions of real assets.
What is the acronym NFT for?
NFT stands for non-fungible token.
What is fungibility?
Another distinguishing feature of an NFT is the non-fungible aspect. A good example to explain fungibility is that of currencies - where you could easily swap a $5 bill for another $5 due to their homogeneity. These items are exchangeable because they are defined by their value and not their uniqueness.
NFTs, on the other hand, are not interchangeable. Each NFT has a distinctive and unique identifier that makes it different from others. This mechanism functions as proof of authenticity and ownership within the digital realm.
How do NFTs work?
There are various frameworks for creating and issuing NFTs. The most popular are ERC-721 and ERC-1155 on the Ethereum blockchain. BNB Chain has its own standards: BEP-721 and BEP-1155. NFTs cannot be replicated or transferred without the owner's permission, including from the issuer of the NFT.
You can trade NFTs on open marketplaces such as Binance NFT, OpenSea, and Treasureland. These marketplaces help buyers connect with sellers, and the value of each NFT is unique. NFTs are also susceptible to price changes in response to market supply and demand.
How are NFTs created?
The first step in creating NFTs is minting. Minting refers to turning images, videos, audio and other digital files into crypto-assets on a blockchain. Once the NFT is put on the blockchain, it becomes more difficult to manipulate and tamper with. The NFT's unique data makes it easy to verify authenticity and ownership.
With each NFT created, the owner/creator can also keep specific information within them, such as including the signature of their artwork within the metadata of an NFT.
Can you actually own NFTs?
For most NFTs, there can only be one owner at a time. Ownership is managed via a unique ID and metadata that other tokens cannot replicate.
However, fractional NFTs are also starting to gain traction. A fractional NFT takes a whole NFT and divides it into smaller fractions, allowing different people to claim ownership of a piece of the same NFT.
What are blockchain platforms?
An NFT is a crypto-asset that represents something unique and collectible using blockchain technology. But what exactly is a blockchain? It is essentially a distributed database for saving and storing information. This database is also referred to as a digital ledger and its decentralized network ensures that the data cannot be hacked or manipulated. NFTs are digital assets that leverage blockchain technology to ensure authenticity and security.
In the case of NFTs, marketplaces exist to provide a secure platform for various collectors to buy, trade, and sell their NFTs on the blockchain. Such marketplaces have a wide variety of non-fungible tokens for sale, ranging from those of famous artists to those of amateurs.