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Non-Fungible tokens in Venom network

Non-fungible tokens aka NFT are unique cryptographic tokens that exist on a blockchain and cannot be replicated. Non-fungible is an economic term that you could use to describe things like your picture, a song file, or even your furniture. These things are not interchangeable with other items because they have unique properties.

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Follow this guide to explore another type of blockchain tokens - fungible tokens

Venom network uses the standard of fungible tokens TIP-4

What is TIP-4?

Same to Ethereum ERC-721 standard, TIP-4 provides similar functionality for Venom Blockchain. As well as TIP-3, TIP-4 was designed to match the distributed system design of the Venom network. It is cost-effective for its fee-paying model.

TIP-4 provides the following functionality:

  • minting and burning NFTs
  • transferring NFTs from one account to another
  • selling your NFTs

ERC721 differences

ERC721 generally is a monolith smart contract, which stores mapping, that shows token owners by token ids. Tokens metadata can be stored here too in another mapping or you can store only tokenUri (mapped the same way - by token ids), which can help you to reach token metadata.

ERC721 concept simple scheme

TIP-4 consists of collection contract and personal contracts for each non-fungible token. As a result, users own the concrete amount of NFT contracts, that stores metadata and operate with them for transfers or other actions.

TIP-4 concept simple scheme