Have you been excited about the transformative power of Web 3? In 2022 and beyond, as we move from web 2 and step into a ubiquitous, decentralized world, we will see how Web 3 technologies challenge conventional industries to redefine their business model. Against this backdrop, it’s also a wonderful time to explore NFTs and their myriad use cases. In the first episode of our Webinar 2022 series, The Web 3 Webinar, we deep dive into several NFT standards, get quick insights into how cryptocurrencies figure in the NFT space, and analyze which works best for your business. A nuanced understanding of NFTs’ pros and cons is probably the first step toward tapping its fullest potential. If you are still here, get right in and kickstart your NFT journey today. For more information on Web3 and its wide-ranging potential, read https://www.ionixxtech.com/solution/web3-blockchain-solutions Watch webinar Episode 1 in our youtube channel, https://youtu.be/U1FepTWJveg

2. Understanding
Non-Fungible
Token
Standards

3. We are a technology company with a design-first approach that helps forward-looking startups and enterprises with Web3,
FinTech, and HealthTech solutions through cloud-enablement, enterprise agility, UX Design, and other cutting-edge web
and mobile technologies.
We leverage Web 3 technologies to build robust digital products & solutions for Fintech and HealthTech.
Our key differentiator lies in how we keep our customers' vision and needs at the core of our business.
We are spread across 4 geographical locations with offices in California, USA; Toronto, Canada; Chennai, India; and
Singapore.
About Us
About the Speaker
Shaan Ray is a technology researcher and Web 3 specialist who helps organizations
unleash the power of emerging tech in reshaping their business goals. Under his
mentorship, companies embrace transformative solutions to tap new markets and
fresh customer segments.
Shaan specializes in Blockchain technology, enterprise cryptocurrencies, and
international business.

4. Defining NFTs
NFT stands for Non-Fungible Tokens.
▪ “Non-fungible” means something is unique and can’t be replaced with anything else.
For eg; A $10 bill is fungible (ie the same and exchangeable) with any other $10 bill in the world.
▪ A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something
completely different.
▪ An NFT is a unit of data stored on a blockchain platform - which is immutable and secure.
▪ NFTs also have comprehensive metadata that makes them an ideal instrument for confirming ownership of
assets.

5. What is a Non-Fungible
Token Standard?
▪ A token standard defines the smart contract and features that the token issued by it has. There
are many different standards on different blockchains.
▪ The original non-fungible token standard was the ERC721 built on Ethereum.
▪ Ethereum was the pioneer in this space and is still the most widely used blockchain platform for
creating and launching NFTs.

6. Diving Deep
with Examples

7. 1. The Maiden Standard
Ethereum: ERC 721
▪ The most commonly used token standard that started everything, ERC721 tokens are
non-fungible; each token is unique and can be priced independently.
▪ This is why unique digital assets such as an artist’s digital art creation can be stored on
such a token.
▪ Each token is unique and cannot be destroyed or duplicated.
▪ Each token can be thought of as a collectible based on the uniqueness and rarity of its
properties.
▪ This was the first non-fungible token standard to be created.
Ethereum’s ERC721 was the first NFT standard available and several consumer
applications are built on top of it.

8. 2. The Composable Standard
Ethereum: ERC 998
▪ ERC998 Token can hold both unique non-fungible tokens (such as the ERC721), as
well as uniform fungible tokens (such as the ERC20). The ERC 998 token can then be
valued and traded.
▪ ERC998 tokens are also ‘composable’, which means that assets within this type of
token can be composed or organized into complex positions and traded using a single
transfer of ownership.
▪ Since the ERC998 token can own a unique set of digital assets, it can be thought of as
a portfolio of assets or as a holding company for a diverse set of assets.
ERC998 tokens are similar to ERC721 tokens in that they are both non-fungible.

9. 3. The Gamer’s Best Bet
Ethereum: ERC 1155
▪ ERC1155 tokens allow for users to register fungible (ERC20) and
non-fungible (ERC721) tokens using the same address and smart
contract.
ERC 1155 was developed with games in mind.
Fungible tokens could represent a transactional currency in a game
and the non-fungible items could represent in-game collectibles and
in-game exchangeable assets.

10. Other ERC NFT standards
ERC 223 Much like ERC-20 but with a feature that ensures the tokens are only sent to
compatible addresses. This prevents loss of access to the tokens since they cannot be
retrieved from incompatible addresses.
ERC 827 Allows the approval of fungible token transfers so the tokens can be spent by anon-chain third party.
ERC 777 An improvement on ERC-20. Users can send tokens on behalf of different addresses.
ERC 1137 A token standard designed for recurring payments; works well for interval based subscriptions.
ERC 998 A smart contract that allows users to merge several NFTs into one NFT.
ERC 875 A smart contract that allows users to transfer several NFTs in a single transaction.
ERC 865 A smart contract that allows users to pay for a transaction with tokens instead of gas.

11. ▪ BEP 721 is like ERC-721 but on Binance Smart Chain.
▪ BEP 1155 is like ERC-1155 but on Binance Smart Chain.
▪ Low fees compared to Ethereum (around 20 cents per trade) Faster
Binance: BEP 721 & BEP 1155
Binance Smart Chain has a built-in Ethereum Virtual Machine, which makes it interoperable with Ethereum.

12. ▪ Smart contracts on the Flow network are written in Cadence; Flow’s language.
▪ Flow allows for “Upgradeable Smart Contracts”, ie. smart contracts which can be deployed in a ‘beta
state’ and then be incrementally updated by the original authors until they are satisfied.
▪ Users will be notified that this smart contract isn’t finalized yet and can choose to wait until it is
completed before trusting it.
▪ Once the original authors of the smart contract are satisfied with their code they can irrevocably
release control and it becomes immutable from that point forward.
▪ Flow has been designed for scale.
The Artist’s Haven
Flow: NFT Standard
Flow has its own NFT standard which is the equivalent of ERC-721.
Transactions on Flow are much cheaper and faster than on Ethereum. This blockchain is perfect
for artists and NFT developers because it was specifically designed to work conveniently with
non-fungible tokens.

13. ▪ TZIP-12 – supports various token types and allows users to manage fungible and non-fungible tokens.
▪ This token standard is used on the Tezos blockchain. Its main feature is the ability to embed a hash
from IPFS into a Tezos-based token.
▪ Despite a number of advantages, the token standard is not very popular and has rather few unique
assets based on it. However, if you decide to buy a TZIP-12 based NFT, you will pay a very small fee,
which makes this blockchain quite user-friendly.
The FA2 token standard, also known as the TZIP-12, is a unified token contract interface that supports a wide
range of token types such as fungible, non-fungible, non-transferable as well as multi-asset contracts.
It gives developers a lot of flexibility to define and invent new token types which can support complex token
interactions while maintaining a standard API for external applications and wallets.
These token structures can include NFTs and contain numerous different gaming items with interactive and
transmutable features.
Tezos: FA2, or TZIP -12

14. ▪ TRC-721 This NFT asset standard is equivalent to ERC-721 on the Tron blockchain.
▪ Like ERC-721, all TRC-721 tokens have unique IDs, the main distinction being the very low costs of
using TRC-721 compared to ERC-721.
▪ Transactions within the Tron network rarely ever reach one dollar, so it is very cost-effective.
Tron: TRC-721

15. ▪ Depends on your use case
▪ Depends on the volume of use
▪ Depends on the community you are building for
Which One’s Best For You?

16. Email: shaan.ray@ionixxtech.com Web: www.ionixxtech.com Telegram: @shaanray
LinkedIn: https://linkedin.com/in/shaanray Twitter: https://twitter.com/shaanray
Questions
Get in touch!