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IOST project implemented new non-fungible tokens similar to ETH NFT

By Inkarias - 2020-05-16

IOST team recently introduced its own NFT Standard, namely IRC-721. NFT, or non-fungible token, are a new type of cryptographic digital asset used to represent something that is unique in the cryptocurrency world. It is quite important to differentiate these kinds of tokens from standard tokens used on the blockchain. Technically speaking, fungibility is an economic term used to describe goods whose individual units hold the same value. However, non-fungible tokens are not mutually interchangeable as each of these tokens or digital assets may represent a different value from a seemingly similar item on the chain.

In the same way, NFT are differentiated with a unique token ID to distinguish them from each other and to help identify ownership as well as establish the value of the NFT. This is especially important for collectible NFTs to determine scarcity, hence its value as a single unit of value. It is a well-known fact that the first issuance of collectible items holds a lot of more value than its subsequent counterpart if ever there will ever be one. Currently, many NFT has been created on blockchains such as Ethereum and serve as a store of value for investors wishing to hold a scarce and liquid asset.

IRC-721 standard advantage

IOST’s IRC-721 presents a standard protocol for which developers can easily develop and issue new NFT assets. IOST’s NFT standard protocol offers the same level of scalability, decentralization, and security of its fungible as well as benefit from its superior resource allocation model that is more effective than EOS and much less costly than Ethereum. In that extend, the utilization of IOST NFT assets by investors will enable them to use ever-more scalable NFT, allowing true digital ownership and seamless cross-chain interoperability amongst many features.

More details on IRC-721 standard can be found at https://iost.io/