$1.2 Million Worth Of Gron NFTs Sold (Day 337)

Rob Gronkowski's NFT collection sold over $1.2 million!

So what is a NFT? NFT stands for non-fungible token, which simply means each token is unique. Coins, like quarters and dimes in the USA, are fungible coins--meaning each token's value is the same, each token is identical in what it represents.

On Ethereum, the standard for fungible tokens are called ERC-20 token standard. Click on the link to see the technical descriptions. It is adopted and became popular back in the 2017 ICO craze. Anybody can launch an ERC-20 token, as long as you adhere to the standard implementation. You can see a list of the top ERC 20 tokens here.

The standard for non-fungible tokens (NFTs) are called ERC-721 Non-Fungible Token Standard, and you can click on the link to view the technical standard. Here's a list of the top ERC 721 tokens.

Any NFT is a unique token number minted by an ERC-721 smart contract. You can launch a ERC-721 compliant smart contract and own your own NFTs. What the token represents can be displayed by arbitrary metadata, where the creators define.