non-fungible token Concepts

Money in the Metaverse: Digital Assets, Online Identities, Spatial Computing and Why Virtual Worlds Mean Real Business

by David G. W. Birch and Victoria Richardson · 28 Apr 2024 · 249pp · 74,201 words

not only by the bankers. That new financial system and the idea of money made out of paper astonished the traditional Italian bankers, much as non-fungible tokens astonish the bankers of today, but they all had to adapt to the new reality in order to avoid being swept aside by this technological

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of cool music discovery will be called), and the system will automatically check for and authenticate an IS-OVER-18 credential, the limited release music non-fungible token (NFT) required for entry, and accept the necessary payments in tokens with no need to dip out into the banking system. The Vision Pro is

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this taxonomy shows, we consider digital assets in two categories: there are fungible tokens, such as pound coins, that are substitutable; and then there are non-fungible tokens, such as a concert ticket that you might buy with those pound coins, that are unique. These tokens and the DeFi protocols for exchanging them

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wrote that ‘the metaverse is dependent on [web3]’, and we agree (Zelazny 2022). When it comes to digital assets, the crucial distinction between fungible and non-fungible tokens is so important that we must divert to it before we move ahead to discuss how tokens will be used in the Metaverse. Fungibility Fungible

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taxonomy of digital assets from figure 11, it leads us rather neatly into an organizing model: fungible tokens that can be used as money and non-fungible tokens that can be used as property. As we will see later, this is a categorization for the Metaverse, because digital assets are themselves a new

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some criminal activity! Figure 11. A basic digital asset taxonomy. This is not the place for a detailed treatise on the future of fungible and non-fungible tokens, but it is worth taking a detour here to understand why their different behaviours are important and why it is that they make for a

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between a panoply of metaverses will drive more (and more kinds of) stablecoins. Non-fungible metaverse property As already noted, the difference between fungible and non-fungible tokens is central to understanding the digital assets that are at the heart of the Metaverse. An interesting way to explore the difference between the two

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– but he has a small but important role in the history and future of money. Given the excitement around fungible tokens used for money, the non-fungible tokens (NFTs) we are about to discuss, and the general future of art and money in the Metaverse, here is a good place to look at

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weren’t money either. They could, however, perform a money-like function in certain circumstances. This helps us to understand more about both fungible and non-fungible tokens and the future of money in the Metaverse. By the way, for this great service to the crypto community we think Boggs deserves to be

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can now sell Bob the magic sword without having anyone in the middle. On Ethereum, for example, there are now a number of different ERC non-fungible token standards, the most notable being ERC-721, which defines non-fungible digital assets. ERC-721 hit the headlines (well, for people like us anyway) in

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really good take. So from now on, we will only use the general word crypto when we mean a way to exchange both fungible and non-fungible tokens directly and in a decentralized manner (i.e. in DeFi). But let’s turn back to the problem of what to call these tokens: tokens

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their identity information is stored. This wallet holds decentralized identifiers and credentials (and, in the more general case, other digital assets such as fungible and non-fungible tokens, but more on that in part IV).Decentralized identifiers (DIDs). In the SSI model, each identity is assigned a DID: an identifier that is created

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’s about the GDP. To give a simple example of both of the kinds of digital object that are in use (i.e. fungible and non-fungible tokens), think of NFTs as tickets for a seat at a sporting event, and think of the coins used to buy those seats as fungible tokens

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that the future will be tokenized. Fink’s perspective is not ideological. His view of a new kind of financial market infrastructure of fungible and non-fungible tokens that are exchanged through decentralized financial services will provide ‘instantaneous settlement’ and ‘reduced fees’. Tokens as bearer instruments. The token for $100 or for a

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IoT internet of things KYC Know Your Customer KYE Know Your Employee LLM large language model MR mixed reality MRV measurement, reporting and verification NFT non-fungible token OIDC OpenID Connect PEP policy enforcement point PII personally identifiable information SEC Securities and Exchange Commission SSI self-sovereign identity TDIF Trusted Digital Identity Framework

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. Report, 18 January, Bank for International Settlements (www.bis.org/review/r230118c.htm). Beaumont, M. (2021). WTF is an NFT? Kings Of Leon’s weird non-fungible token thing – explained! NME, 13 October (https://tinyurl.com/2x4dskn2). Bernat, S. (2022). Token gating: the metaverse solution for community building. Brandingmag, 18 November (https://tinyurl

Blank Space: A Cultural History of the Twenty-First Century

by W. David Marx · 18 Nov 2025 · 642pp · 142,332 words

partner Vignesh Sundaresan of the Singapore-based cryptocurrency company Metapurse, the content was irrelevant. They saw Everydays as a milestone in the burgeoning world of non-fungible tokens (NFTs), a digital format they believed would revolutionize art ownership. “This is going to be a billion-dollar piece someday,” Venkateswaran claimed. Thanks to these

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, covering classic nineties songs like Pearl Jam’s “Even Flow.”) Yet cryptocurrency remained hard to convert into cash or use for purchasing goods. Enter NFTs: non-fungible tokens that applied blockchain’s transaction-tracking capabilities to digital assets. This innovation provided crypto paper millionaires with a new outlet for their earnings. NFTs promised

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, 205 Nineties, The (Klosterman), 2 Nirvana, 2, 16, 37, 112, 255 NME (magazine), 17 Nobel Peace Prize, 67 noblesse oblige, 233–34 Nolan, Christopher, 70 non-fungible tokens (NFTs), 234–39 normcore, 130, 251 nostalgia, 124–25, 127, 131, 230, 278 “Not Like Us” (song), 222 Notopoulos, Katie, 229 *NSYNC, 16 Nudge (Thaler

DeFi and the Future of Finance

by Campbell R. Harvey, Ashwin Ramachandran, Joey Santoro, Vitalik Buterin and Fred Ehrsam · 23 Aug 2021 · 179pp · 42,081 words

CRYPTOCURRENCY ETHEREUM AND DeFi NOTES III DeFi INFRASTRUCTURE BLOCKCHAIN CRYPTOCURRENCY THE SMART CONTRACT PLATFORM ORACLES STABLECOINS DECENTRALIZED APPLICATIONS NOTES IV DeFi PRIMITIVES TRANSACTIONS FUNGIBLE TOKENS NON-FUNGIBLE TOKENS CUSTODY SUPPLY ADJUSTMENT INCENTIVES SWAP COLLATERALIZED LOANS FLASH (UNCOLLATERALIZED) LOANS NOTES V PROBLEMS DeFi SOLVES INEFFICIENCY LIMITED ACCESS OPACITY CENTRALIZED CONTROL LACK OF INTEROPERABILITY VI

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It includes behavior such as transferring units and approving operators for using a certain portion of a user's balance. Another is ERC-721, the non-fungible token standard, which are unique and often used for collectibles or assets such as peer-to-peer loans. The benefit of these standards is that application

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every dollar bill has equal value and a $10 dollar bill is equal to two $5 dollar bills. Non-fungible tokens, in contrast, reflect the value of what they are associated with (e.g., one non-fungible token may be associated with a piece of art like a painting). They do not necessarily have equal value

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specific entity. The MKR token of MakerDAO used to be burned in this manner in an older version of the platform. NON-FUNGIBLE TOKENS As the name suggests, the units of a non-fungible token (NFT) are not equal to those of other tokens. NFT Standard On Ethereum, the ERC-7213 standard defines non-fungibility. It

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,” Ethereum Improvement Proposals, no. 20, November 2015 [Online serial], https://eips.ethereum.org/EIPS/eip-20. 3. William Entriken et al., “EIP-721: ERC-721 Non-Fungible Token Standard,” Ethereum Improvement Proposals, no. 721, January 2018 [Online serial], https://eips.ethereum.org/EIPS/eip-721. 4. Witek Radomski et al., “EIP-1155: ERC

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a token, which has units that are non-unique and interchangeable (such as USD), should behave. An alternative is the ERC-721 standard, which defines non-fungible tokens (NFTs). These tokens are unique, such as a token representing ownership of a piece of fine art or a specific digital asset from a game

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and 20 $1 bills are equal in value to the $20 bill. ERC-721. Ethereum Request for Comments (ERC) related to defining the interface for non-fungible tokens, which are unique and are often used for collectibles or specific assets, such as a loan. ERC-1155. Ethereum Request for Comments (ERC) related to

Empty Vessel: The Story of the Global Economy in One Barge

by Ian Kumekawa · 6 May 2025 · 422pp · 112,638 words

. The value of a hundred-dollar bill obviously far exceeds that of the paper on which it is printed. The recent rise of cryptocurrencies and non-fungible tokens (NFTs) has provided even more extreme examples of assets that are inherently abstract, detached from the physical world. But there’s another kind of financial

Mastering Ethereum: Building Smart Contracts and DApps

by Andreas M. Antonopoulos and Gavin Wood Ph. D. · 23 Dec 2018 · 960pp · 125,049 words

on top of open, decentralized, peer-to-peer infrastructure services. In addition, many DApps include decentralized storage and/or a message protocol and platform. Deed Non-fungible token (NFT) standard introduced by the ERC721 proposal. Unlike ERC20 tokens, deeds prove ownership and are not interchangeable, though they are not recognized as legal documents

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addresses. Network Referring to the Ethereum network, a peer-to-peer network that propagates transactions and blocks to every Ethereum node (network participant). NFT A non-fungible token (also known as a “deed”). This is a token standard introduced by the ERC721 proposal. NFTs can be tracked and traded, but each token is

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provenance can be tracked, then it is not entirely fungible. The ability to track provenance can lead to blacklisting and whitelisting, reducing or eliminating fungibility. Non-fungible tokens are tokens that each represent a unique tangible or intangible item and therefore are not interchangeable. For example, a token that represents ownership of a

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specific digital collectible such as a specific CryptoKitty is not interchangeable with any other CryptoKitty. Each non-fungible token is associated with a unique identifier, such as a serial number. We will see examples of both fungible and non-fungible tokens later in this chapter. Note Note that “fungible” is often used to mean “directly exchangeable

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on ERC777 is about the complexity of adopting two big changes at once: a new token standard and a registry standard. The discussion continues. ERC721: Non-fungible Token (Deed) Standard All the token standards we have looked at so far are for fungible tokens, meaning that units of a token are interchangeable. The

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tracks the final balance of each account and does not (explicitly) track the provenance of any token. The ERC721 proposal is for a standard for non-fungible tokens, also known as deeds. From the Oxford Dictionary: deed: A legal document that is signed and delivered, especially one regarding the ownership of property or

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— yet. It is likely that at some point in the future, legal ownership based on digital signatures on a blockchain platform will be legally recognized. Non-fungible tokens track ownership of a unique thing. The thing owned can be a digital item, such as an in-game item or digital collectible; or the

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and who owns it, with the deed ID being the primary key of the mapping. From this basic difference flow all the properties of a non-fungible token. The ERC721 contract interface specification is: interface ERC721 /* is ERC165 */ { event Transfer(address indexed _from, address indexed _to, uint256 _deedId); event Approval(address indexed _owner

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and token standards, and you built your first token and related application. We will revisit tokens again in Chapter 12, where you will use a non-fungible token as the basis for an auction DApp. Chapter 11. Oracles In this chapter we discuss oracles, which are systems that can provide external data sources

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support the application: AuctionRepository and DeedRepository. Let’s start by looking at DeedRepository, shown in Example 12-1. This contract is an ERC721-compatible non-fungible token (see “ERC721: Non-fungible Token (Deed) Standard”). Example 12-1. DeedRepository.sol: An ERC721 deed token for use in an auction pragma solidity ^0.4.17; import "./ERC721/ERC721Token

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. Nick Johnson Core Final Metropolis Byzantinium EIP-706 DEVp2p snappy compression Péter Szilágyi Networking Final EIP-721 ERC-721 Non-Fungible Token Standard. A standard API that allows smart contracts to operate as unique tradable non-fungible tokens (NFTs) that may be tracked in standardized wallets and traded on exchanges as assets of value, similar to

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, Swarm decentralized applications (see DApps) Decentralized Autonomous Organization (see DAO) declarative programming, Introduction to Ethereum High-Level Languages decorators, Vyper, Decorators deedand ERC721 non-fungible token standard, ERC721: Non-fungible Token (Deed) Standard-ERC721: Non-fungible Token (Deed) Standard as ENS top layer, Top Layer: The Deeds Auction DApp and, A Basic DApp Example: Auction DApp defined, Quick Glossary

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, ERC721: Non-fungible Token (Deed) Standard default function (see fallback function) default visibility specifier security problem, Default Visibilities-Real-World Example: Parity Multisig Wallet (First Hack)preventative techniques, Preventative

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”-ERC20 workflows: “transfer” and “approve & transferFrom” Vyper implementation of, Compilation ERC223 token standard proposal, ERC223: A Proposed Token Contract Interface Standard ERC721 non-fungible token standard, ERC721: Non-fungible Token (Deed) Standard-ERC721: Non-fungible Token (Deed) Standard ERC777 token standard proposal, ERC777: A Proposed Token Contract Interface Standard-ERC777 hooks error handling, Solidity, Error Handling (assert, require, revert

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Technology), Ethereum’s Cryptographic Hash Function: Keccak-256 nodedefined, Quick Glossary transaction propagation, Transaction Propagation Node.js, Installing the Truffle framework non-fungible tokens (NFTs), Tokens and FungibilityERC721 non-fungible token standard, ERC721: Non-fungible Token (Deed) Standard-ERC721: Non-fungible Token (Deed) Standard non-repudiation, The Elliptic Curve Digital Signature Algorithm nonces, The Transaction Nonce-Concurrency, Transaction Origination, and Noncesconcurrency, Concurrency

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-Conclusionscounterparty risk, Counterparty Risk ERC20 standard, The ERC20 Token Standard-ERC20 implementations ERC223 standard proposal, ERC223: A Proposed Token Contract Interface Standard ERC721 non-fungible token standard, ERC721: Non-fungible Token (Deed) Standard-ERC721: Non-fungible Token (Deed) Standard ERC777 standard proposal, ERC777: A Proposed Token Contract Interface Standard-ERC777 hooks fungibility, Tokens and Fungibility gas and, Issues with

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ERC20 Tokens ICOs and, Tokens and ICOs intrinsicality, Tokens and Intrinsicality on Ethereum, Tokens on Ethereum-ERC721: Non-fungible Token (Deed) Standard reasons to adopt, Utility Tokens: Who Needs Them? uses of, How Tokens Are Used-How Tokens Are Used using token standards, Using Token

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Standard Launching Our Own ERC20 Token Issues with ERC20 Tokens ERC223: A Proposed Token Contract Interface Standard ERC777: A Proposed Token Contract Interface Standard ERC721: Non-fungible Token (Deed) Standard Using Token Standards What Are Token Standards? What Is Their Purpose? Should You Use These Standards? Security by Maturity Extensions to Token Interface

On the Edge: The Art of Risking Everything

by Nate Silver · 12 Aug 2024 · 848pp · 227,015 words

are sometimes used by teams of investors to buy crypto assets together. And then there’s the most famous use case for smart contracts: the non-fungible token, or NFT. In casual language, “NFT” is often used to refer to a piece of digital art such as a CryptoPunk. (In some cases in

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information, contributing to the network’s ability to make decisions. The accuracy of this metaphor to describe human cognition is disrupted, however. NFT: Formally, a non-fungible token, a certificate of ownership on the blockchain. Colloquially, it more often refers to a collection of digital art whose ownership is verified through NFTs. Nit

The Metaverse: And How It Will Revolutionize Everything

by Matthew Ball · 18 Jul 2022 · 412pp · 116,685 words

titles are still paid, single-player, offline, or all three. Web3-focused readers might be wondering why I’ve not yet addressed blockchains, cryptocurrencies, and non-fungible tokens. These three interrelated innovations look likely to play a foundational role in our virtual future and are already operating as a sort of common standard

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the Epic Games Store) do not allow games that accept cryptocurrencies as a form of payment, or that use cryptocurrency-based virtual goods (that is, non-fungible tokens, or NFTs). Though this is sometimes portrayed as a protest against the energy used to power blockchains, such claims don’t hold up to scrutiny

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that every bitcoin is substitutable with another, while buying an NFT piece of artwork is a non-fungible token, in that it isn’t substitutable with any other token. Things get more confusing if the right to this non-fungible token is fractionalized into fungible tokens (think of selling shares to a piece of artwork). These

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called “minting,” after which the right to the image is managed similarly to any cryptocurrency transaction. The difference is that the right is to a “non-fungible token,” or a token that, unlike a bitcoin or a US dollar, which are fully substitutable with any other, is unique. Blockchain advocates believe that this

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, 147, 159 in the future Metaverse, 245–47 haptic feedback and, 151 interoperability and, 39–40, 138 in meta-businesses, 254, 255, 259–61, 264 non-fungible tokens (NFTs) and identity, 218, 229, 293–94 the ontological question of, 123 3D avatars, 40, 124, 144 Avengers franchise, 257, 259, 264 Axie Infinity, 202

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), 225–29, 230, 300 early cryptocurrency, 206–12 gaming and, 222–25 “Layer 1” vs. “Layer 2,” 211–12, 230 in the Metaverse, 231–35 non-fungible tokens (NFTs), 216–22 obstacles to, 230–31 as “permissionless,” 209–12, 214, 218, 222, 288 public vs. private, 211n as self-sustaining, 209–10 sidechains

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, 230 sustainability in, 222–23 as “trustless,” 209–12, 214, 218, 222, 227, 231, 288 as a virtual vending machine, 225–27 see also cryptocurrency; non-fungible tokens (NFTs) Bloomberg, xii, xiii, 227 Blue Origin, 4 Bluetooth, 143, 161–62, 189, 196 Border Gateway Protocol (BGP), 53, 86 Bored Apes Yacht Club, 218

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, 151–52, 173, 303 Nintendo Entertainment System (NES), 32, 173 Nintendo Switch, 30–32, 75, 97, 134, 174–76 Nintendo Wii, 132 Nokia, 136–37 non-fungible tokens (NFTs), 140, 216–22 avatars and identity, 218, 229, 293–94 fractionalization into fungible tokens/shares, 202 marketplaces, 202, 301 “minting” in, 217 speculation, 128

Number Go Up: Inside Crypto's Wild Rise and Staggering Fall

by Zeke Faux · 11 Sep 2023 · 385pp · 106,848 words

a coincidence,” he said. “I prefer synchronicity.” * * * — PIERCE TOLD ME that Chakra was not his personal ship. Like-minded crypto fans could buy an NFT (non-fungible token, a kind of one-off crypto asset), then stay on the yacht when they pleased as it traveled from the Caribbean to Art Basel in

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an anonymous Twitter account called “0xb1,” which used an image of a demonic mutant ape as its avatar. The ape image was an NFT, or non-fungible token, and it cost the unbelievable sum of $1.1 million. (More on that later.) On Twitter, Stone wrote about all kinds of crazy cryptocurrencies he

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of monkeys wearing hats that looked like the characters from an imaginary Nintendo game from the 1980s. This was what crypto people called NFTs, or non-fungible tokens, and the market for them had taken off with the rest of the everything bubble. In 2021, tens of billions of dollars’ worth had changed

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owned by, 38, 239 Tether’s business model and, 58 Tether’s line of credit to Bitfinex and, 63 on Twitter, 68 “digital art.” See non-fungible tokens (NFTs) Digital Assets and Registered Exchanges Bill (Bahamas, 2020), 77 Digital Entertainment Network (DEN), 32–33 “digital gold,” 21 Dimon, Jamie, 237 Dogecoin, 5, 10

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Ape Yacht Club, 144, 150, 155 N Nakamoto, Satoshi basic facts about, 18 development of cryptocurrency by, 18, 21, 147 Nass, Matt, 81 NBA and non-fungible tokens, 143 Netflix, 107 The New Yorker, 22–23 The New York Review of Books, 196 New York State cryptocurrency investigation basic facts about, 59 Bitfinex

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Times, 49 Neymar, 142 Niagara Falls, New York, 20 “Nigerian Prince” scam, 178 Nikola, 72, 73 Noah, Trevor, 107 Noble Bank International, 56–57, 61 non-fungible tokens (NFTs). See also Bored Apes; Mutant Apes arrests for fraud and, 238 celebrity purchasers of, 141–142 costs of, 110 hacking of, 146 as intellectual

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Thatch, Edward, 76 Thiel, Peter, 29 Three Arrows Capital bankruptcy of, 166–167, 238 loans from Celsius and other cryptocurrency companies, 165–166 ownership of non-fungible tokens, 166 Tradeloop, 43 Transparency International Russia, 170 Trump, Donald, Jr., 30 U Ulbricht, Ross, 19 USDC, 170 utilitarianism Bankman-Fried’s embrace of, 82, 83

You've Been Played: How Corporations, Governments, and Schools Use Games to Control Us All

by Adrian Hon · 14 Sep 2022 · 371pp · 107,141 words

minute of the day, complete with computer graphics and audio commentary comparable to the latest video games.56 And to close the loop, officially licensed non-fungible tokens (NFTs) like NBA Top Shot’s gacha-style digital trading cards have enabled athletes and bettors to collect, trade, and speculate on video highlights of

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Culture, accessed November 28, 2021, www.nftculture.com/nft-art/nft-gamification-7-ways-crypto-artists-make-collecting-nfts-fun; “Non-Fungible Tokens (NFT),” Plethori, updated April 2021, https://docs.plethori.com/gamification/non-fungible-tokens-nft; “Zapper Is Leveling Up,” Learn, Zapper, May 27, 2021, https://learn.zapper.fi/articles/zapper-is-leveling-up; “Ether

Uncomfortably Off: Why the Top 10% of Earners Should Care About Inequality

by Marcos González Hernando and Gerry Mitchell · 23 May 2023

the rise of cryptocurrencies – digital currencies that seek to do away with inflation and central banking through a decentralised registry system, the ‘blockchain’ – and NFTs (non-fungible tokens)57 – which, in the simplest terms, are an attempt to replicate the logic of private property for online informational objects such as memes. Both are

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. 90 Stronge and Lewis, 2021, p. 95 Davies, 2022 197 Uncomfortably Off 55 56 57 58 59 60 61 62 Mason, 2022 Ghosh, 2022b A non-fungible token is a unique digital identifier in a blockchain (a decentralised log shared across a network) that cannot be copied, merged or subdivided. Its purpose is

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and Borders Bill 2021 120 neoliberalism 142 net zero 174, 176–7 networking 63 see also social capital New Labour see Labour Party/Labour NFTs (non-fungible tokens) 143–4 NHS 91, 94, 116, 137, 138, 170 Nietzsche, F. 46 Nixon, B. 82 Northern Ireland 121 O Obama, Barack 96 occupation see employment