Simple assets registration on the blockchain. The NFT (non-fungible tokens) framework is a registry subsystem which enables the community to register physical or digital assets on the Crown blockchain.
What are Non-Fungible Tokens?
NFTs offer unique characteristics which make them different and digitally scarce. Take plane tickets for example - although they look the same, they contain passenger info which is unique. The same is actually true for cars, people, buildings, legal contracts, patents - basically most physical and digital assets are non-fungible: and therein lies the huge opportunity for NFTs. NFTs have unique properties, just as one asset is not equal to another asset in the same set, so it is with the non-fungible tokens. Most tokens such as cryptocurrencies are fungible - they are mostly monetary and interchangeable, the same is true for money.
Fungible vs Non-Fungible tokens
NFT Framework Technical Documentation
Our technical lead, Artem, has published some NFT Framework Technical documentation on Medium and a series of 3 instructional videos for developers.
NFTs can be used in a variety of real world use-cases where registration of assets is desirable or required. Very good examples can range from registries of intellectual property, old-timer watches, digital art, endangered species or trees, medical records, real estate, legal contracts, notary services and many other examples. The exciting thing about these registries is that they are recorded forever on an independent and democratically run blockchain, which is governed by the Crown decentralised anonymous organisation. The NFT owners can use these records as an immutable proof that these assets - documents, know-how, cars, insurance contracts, medical records, intellectual property etc. exist and have specific non-fungible characteristics at the time of their timestamp on the blockchain.
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