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84 lines
3.6 KiB
Markdown
84 lines
3.6 KiB
Markdown
---
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html: non-fungible-tokens.html
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parent: tokens.html
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blurb: Introduction to XRPL NFTs.
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filters:
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- include_code
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labels:
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- Non-fungible Tokens, NFTs
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status: not_enabled
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---
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# NFT Conceptual Overview
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{% include '_snippets/nfts-disclaimer.md' %}
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The XRP Ledger offers support for [tokens](tokens.html), also known as _IOUs_. Such assets are, primarily, fungible.
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> Fun·gi·ble /ˈfənjəbəl/ (adj)
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>
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> 1. able to replace or be replaced by another identical item; mutually interchangeable.
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Fungible tokens can be easily traded between users for XRP or other issued assets on the XRP Ledger's decentralized exchange. This makes them ideal for payments.
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A good example of a fungible item might be a postage stamp. If you are standing around in 1919 and need to send a letter by airmail, you would purchase a 24-cent stamp and affix it to your envelope. If you lost that stamp, you could use a different 24-cent stamp or use 2 10-cent stamps and 2 2-cent stamps. Very fungible.
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But since you are standing around in 1919, you might be offered 24-cent airmail stamps where the aeroplane on the stamp is accidentally printed upside down. These are the world famous “Inverted Jenny” stamps. Only 100 were circulated on a single sheet of stamps, making them extremely rare and sought after. The current value of each mint condition stamp is appraised at over $1.5 million dollars.
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Those stamps cannot be replaced by just another other 24-cent stamp. They have become _non-fungible_.
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The XRPL Labs team has created a framework that supports non-fungible tokens (NFTs, or “nifties” in the vernacular). Non-fungible tokens serve to encode ownership of unique physical, non-physical, or purely digital goods, such as works of art or in-game items.
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## NFT Extensions
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Extensions to the XRP Ledger support two new objects and a new ledger structure.
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The [NFToken][] is a native NFT type. It has operations to enumerate, purchase, sell, and hold such tokens. An `NFToken` is a unique, indivisible unit that is not used for payments.
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The [NFTokenPage object][] contains a set of `NFToken` objects owned by the same account.
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You create a new `NFToken` using the [NFTokenMint transaction][].
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[NFTokenOffer object][] is a new object that describes an offer to buy or sell a single `NFToken`.
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You destroy an `NFToken` using the [NFTokenBurn transaction][].
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## `NFToken` Lifecycle
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You create a NFT using the `NFTokenMint` transaction. The `NFToken` lives on the `NFTokenPage` of the issuing account. You can create an `NFTokenOffer` to sell the `NFToken`, creating an entry to the XRP Ledger. Another account can accept the `NFTokenOffer`, transferring the `NFToken` to the accepting account’s `NFTokenPage`. If the `lsfTransferable `flag is set to _true_ (0x000008) when the `NFToken` is minted, the `NFToken` can be traded multiple times between accounts. The `NFToken` can be permanently destroyed by its owner using the `NFTokenBurn` transaction.
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## Reference
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- [NFToken][] data type
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- Ledger Objects
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- [NFTokenOffer object][]
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- [NFTokenPage object][]
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- Transactions
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- [NFTokenMint transaction][]
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- [NFTokenCreateOffer transaction][]
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- [NFTokenCancelOffer transaction][]
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- [NFTokenAcceptOffer transaction][]
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- [NFTokenBurn transaction][]
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### API Methods
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* `account_nfts`
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* `nft_sell_offers`
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* `nft_buy_offers`
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<!--{# common link defs #}-->
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{% include '_snippets/rippled-api-links.md' %}
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{% include '_snippets/tx-type-links.md' %}
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{% include '_snippets/rippled_versions.md' %}
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