Basin non-fungible token

Create a simple non-fungible token for tracking unique assets associated with your dapp.

Definition

NFT’s differ from the usual fungible tokens (like an erc-20 token) in that they’re not interchangeable because of each token’s uniqueness. Secondly, they can’t be split into smaller units, making them indivisible. Thirdly, they’re non-uniform because each token has different characteristics.

The concept of non-fungible tokens gained significant traction with the creation of the ERC-721 standard and subsequent Cryptokitties’ launch (by the team behind Flow, Dapper Labs). Most often, non-fungible tokens serve as digital collectibles backed by the immutable and secure nature of blockchain.

For more on NFT’s, see the NFT Bible.

Benefits

  • Issuance of digital items backed by the decentralized and secure nature of blockchain

  • Proving both the uniqueness and ownership of a digital item is made possible, in a world dominated by replicable digital files, e.g. songs or books.

Example

An online store wants to introduce digital coupons for users to be rewarded with and which can be used to redeem items. The Non-fungible tokens module can be implemented in a Flow smart contract to create and distribute coupon NFT’s to customers.