From the course: Building Web3 Decentralized Apps in Ethereum

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Tokens and NFTs

Tokens and NFTs

From the course: Building Web3 Decentralized Apps in Ethereum

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Tokens and NFTs

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- [Instructor] When most people think of the blockchain, they think of tokens. Tokens are the spendable or what we call fungible currency that can be created on a blockchain for a bunch of different use cases. Non fungible tokens or NFTs use the same technology to enable people to exchange digital goods and more. Tokens on the blockchain come at two basic forms. One is the native currency of the blockchain, for example, ETH on Ethereum. And custom tokens also that are created through smart contracts. These custom tokens can be created to provide a number of different utilities from rewards in a network, devoting power to novelty like Doge. The way these contracts work is they adhere to a specific standard. Now there are a number of different standards for tokens but the main one that we use is ERC-20. So the ERC-20 token specifies how a specific tokens can work, how you send them, how you can manage events, how you can…

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