Hello Wonderfull people:

I am Hammad this is my homework post. today I will discuss the NFT's or how it works. before I start the practical example let's discuss the following terms which are related to NFTs first I will discuss and then I will show a practical example of my NFT. so, without wasting any time let's get started:

Source

Assets:

It is defined as the assets are finance term that means that something is useful or valuable basically, assets are in many forms like gold, cash, and home, etc.

Source

Fungible Assets:

This type of asset is the same type means it can be interchangeable or divisible. let's take an example the One bitcoin is the same as another bitcoin if we divide this coin. so their result its demand is also half. like both coins have the same properties and their value is also the same not only bitcoin is an example we can consider Gold also or paper money.

Source

Non-Fungible Assets:

These assets are not interchangeable or not divisible let's take an example used cars, houses, and baseball cards. you can see that this item cannot be divided evenly and retain its value. means that you cannot buy half of the car or 1/3 of the house and 1/10 of baseball cards this does not make any sense.

Source

Token:

A token is something physical or we can say digital it can be exchanged for or represents good or other forms of utility. In the blockchain, tokens are representative of value like a currency any type of rights, ownership. keep in mind that the token doesn't value in and of itself, the comes from the asset it represents ownership of any good. if we create a value that represents a good, a service, or any ownership such as the process called "Tokenization".

Source

Standards of NFT's:

there are three types of standards:

1. ERC-721.
2. ERC-998.
3. ERC-1155.

ERC stands for Ethereum Request For Comments. basically, the work of ERC is to updated and add new features or development in NFT's.

Practical Example:

In my NFT's example, I would consider the opensea.io this website has thousands of different types of NFT's. so first I open this site and then go to gas masks.

After that I have many types of popular gas mask in my screen some gas mask are available on sale and other will be without a sale so, I considered those gas mask which is available on sale.

I would be added to my wallet. I used a meta mask and then add to my wallet.

Conclusion:

I think there is more potential in NFT's to earn money. It is very shocking that the crypto world is growing up faster. more peoples are used NFT day by day and the Gasmask is plays a big role in NFT's. If I would add new my own NFT so there will be a chance to grow up.

Mentions
@levycore