This article was first published on ostdotcom - Medium
Recap from OST LIVE with Christian Kameir, Managing Partner of Sustany Capital — The Potential of Non-Fungible Tokens
Christian Kameir, managing partner of Sustany Capital, joined us on Episode 44 of OST LIVE. Kameir is an official member of the Forbes Finance Council and a seasoned public speaker on topics ranging from high-tech investing to blockchain technologies. He discussed the capabilities of non-fungible tokens, the latest ERC-1155 standard, and tokenizing real-world assets.
Fungibility represents interchangeability. Any dollar note holds the equivalent value of any other dollar note of the same denomination; hence, fiat currencies are fungible. Even though notes are technically unique because they have serial numbers, the value that they represent is the same for all notes of the same denomination. BTC and ETH are examples of fungible cryptocurrencies. ERC-20 is the standard token contact for defining token quantity, token name, and issuance of fungible Ethereum tokens.
In contrary, non-fungibility represents non-interchangeability. For example, a piece of art is unique in nature. Art is therefore non-fungible. ERC-721 is an Ethereum standard for non-fungible tokens that represent single entries on the Ethereum mainnet. Non-fungible tokens are unique, non-interchangeable tokens. These tokens can hold ownership to crypto-collectibles such as unique virtual game items. They can be transferred in a peer-to-peer manner without intermediaries, allowing players to enjoy full ownership of their in-game virtual items. For example, Crypto Kitties are non-fungible digital assets because they are unique or limited in nature.
ERC-1155 is a limited item standard. It is part of the Ethereum mainnet but has not been officially adopted as a standard by the organizing body, though Kameir says it will be soon. The standard can be used to create in-game items that only a limited number of people are able to own, giving the items greater value. It can also ...
To keep reading, please go to the original article at:
ostdotcom - Medium