NFT stands for Non-Fungible Token, a non-fungible token.

Tokens are units of value assigned to a business model, such as cryptocurrencies. NFTs have a close relationship with cryptocurrencies, at least technologically, although they are opposites, since a Bitcoin is a fungible good, and an NFT is a non-fungible good, but in essence, they are like the two sides of a technological coin.

ERC are standards that are used on the Ethereum network to ensure interoperability across the various blockchain platforms (Decentraland, Opensea, SuperRare, etc). In a way, the concept is quite similar to the format of files on a computer (.mp3, .jpeg, etc). Thanks to this, we can easily display an NFT in our Decentraland gallery while we can sell it on Opensea, for example.

ERC-721 is an Ethereum token standard used to identify one-of-a-kind assets. Each ERC-721 token is unique and can have different values and properties than another token of the same smart contract.

The ERC-20 standard is the most common and functional of all. This standard is the one behind tokens such as ETH and social tokens and basically allows the exchange of tokens, which usually have value of some kind. It is technically the equivalent of Bitcoin on the Ethereum blockchain.

If a token is an ERC-20 it means that it is fungible (as opposed to NFTs), which means that they are fully interchangeable with each other, as they are all the same (like fiat money).

ERC-1155 is a multi-token standard that developers can use to create a single contract to manage any combination of non-fungible and semi-fungible tokens. ERC-1155 also has cost-saving features such as batch transfer and batch approval.

Ordinals are inscriptions made on a satoshi - the lowest denomination of a bitcoin (BTC) - with 100 million satoshis in a bitcoin. The process inscribes data such as an image, text or video on an individual satoshi so that it can be identified as unique and non-fungible.

The main difference from an ERC-1155 to an ERC-721 is that the ownership of NFTs is not recorded in the same way. Following the video game example, if I had 10 NFTs of the same white rifle (ERC-1155), there would be no way to distinguish one from the other. Within my wallet, a balance of 10 white rifles with ID 1 would appear. Hence, ERC-1155s are a combination of ERC-20s and ERC-721s, since they are non-fungible tokens (NFTs), but with some degree of "fungibility" (in that those of the same type are interchangeable with each other).

The ERC-721 should be used when we want to create a totally unique token as a 1/1 work. However, the ERC-1155, make much more sense in 1/1000 editions or if you are going to create a video game and need 1000 different objects. Otherwise it would be unfeasible to do so.

I confess that at the beginning the whole process of mining and creating the smart contract seemed a bit complex to me; more for lack of knowledge than anything else.

But thanks to @Nxsh and the advice with the mentor Lenin; I was able to create my first NFT's.

But I did not stay with the knowledge of the bootcamp; but, additionally I checked some videos on Youtube and as I know more about the blockchain; I notice the multiple functionalities and tools that are intended to facilitate the use of the web3; as well as take advantage of its decentralization to the maximum.

In addition; I was also able to create NFT's based on my previous assignment on the Tokenization of Architectural Buildings in Caracas.

I have learned a lot about web3, the blockchain and I love it!

I hope to keep learning until I become an expert in blockchain and web3; I know it's something that won't come overnight, but I also know it will be worth the effort.

If you have made it this far, thank you very much for reading me!

NFT Minted by me

Translated with DeepL.com (free version)

NFT stands for Non-Fungible Token, a non-fungible token.

Tokens are units of value assigned to a business model, such as cryptocurrencies. NFTs have a close relationship with cryptocurrencies, at least technologically, although they are opposites, since a Bitcoin is a fungible good, and an NFT is a non-fungible good, but in essence, they are like the two sides of a technological coin.

ERC are standards that are used on the Ethereum network to ensure interoperability across the various blockchain platforms (Decentraland, Opensea, SuperRare, etc). In a way, the concept is quite similar to the format of files on a computer (.mp3, .jpeg, etc). Thanks to this, we can easily display an NFT in our Decentraland gallery while we can sell it on Opensea, for example.

ERC-721 is an Ethereum token standard used to identify one-of-a-kind assets. Each ERC-721 token is unique and can have different values and properties than another token of the same smart contract.

The ERC-20 standard is the most common and functional of all. This standard is the one behind tokens such as ETH and social tokens and basically allows the exchange of tokens, which usually have value of some kind. It is technically the equivalent of Bitcoin on the Ethereum blockchain.

If a token is an ERC-20 it means that it is fungible (as opposed to NFTs), which means that they are fully interchangeable with each other, as they are all the same (like fiat money).

ERC-1155 is a multi-token standard that developers can use to create a single contract to manage any combination of non-fungible and semi-fungible tokens. ERC-1155 also has cost-saving features such as batch transfer and batch approval.

Ordinals are inscriptions made on a satoshi - the lowest denomination of a bitcoin (BTC) - with 100 million satoshis in a bitcoin. The process inscribes data such as an image, text or video on an individual satoshi so that it can be identified as unique and non-fungible.

The main difference from an ERC-1155 to an ERC-721 is that the ownership of NFTs is not recorded in the same way. Following the video game example, if I had 10 NFTs of the same white rifle (ERC-1155), there would be no way to distinguish one from the other. Within my wallet, a balance of 10 white rifles with ID 1 would appear. Hence, ERC-1155s are a combination of ERC-20s and ERC-721s, since they are non-fungible tokens (NFTs), but with some degree of "fungibility" (in that those of the same type are interchangeable with each other).

The ERC-721 should be used when we want to create a totally unique token as a 1/1 work. However, the ERC-1155, make much more sense in 1/1000 editions or if you are going to create a video game and need 1000 different objects. Otherwise it would be unfeasible to do so.

I confess that at the beginning the whole process of mining and creating the smart contract seemed a bit complex to me; more for lack of knowledge than anything else.

But thanks to @Nxsh and the advice with the mentor Lenin; I was able to create my first NFT's.

But I did not stay with the knowledge of the bootcamp; but, additionally I checked some videos on Youtube and as I know more about the blockchain; I notice the multiple functionalities and tools that are intended to facilitate the use of the web3; as well as take advantage of its decentralization to the maximum.

In addition; I was also able to create NFT's based on my previous assignment on the Tokenization of Architectural Buildings in Caracas.

I have learned a lot about web3, the blockchain and I love it!

I hope to keep learning until I become an expert in blockchain and web3; I know it's something that won't come overnight, but I also know it will be worth the effort.

If you have made it this far, thank you very much for reading me!

NFT Minted by me

Translated with DeepL.com (free version)