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- NFT Confirm. All the procedures are conducted through smart contracts. The generated NFT will be persistently stored on-chain when the consensus procedure has been completed. In a blockchain system, each block has a limited capacity. When the capacity in one block becomes full, other transactions will enter a future block linked to the original data block. In the end, all linked blocks have created a long-term history that remains permanent. The NFT system, in essence, is a blockchain-based application. Whenever an NFT is minted or sold, a new transaction is required to send to invoke the smart contract. After the transaction is confirmed, the NFT metadata and ownership details are added to a new block, thereby ensuring that the history of the NFT remains unchanged and the ownership is preserved. 3.2 Token Standards In this part, we clarify token standards related to NFTs, including ERC-20 [81], ERC-721 [115], and ERC-1155 [118] (see Algorithm 1). These standards have a great impact on the ongoing NFT schemes. We discuss them as follows. Algorithm 1: NFT Standard Interfaces (with selected functions) interface ERC721 { function ownerOf(uint256 tokenId) external view returns (address); function transferFrom(address from, address to, uint256 tokenId) external payable; ... } interface ERC1155 { function balanceOf(address owner, uint256 id) external view returns (address); function balanceOfBatch(address calldata owners, uint256 calldata ids) external view returns (uint256 memory); function transferFrom(address from, address to, uint256 id, uint256 quantity) external payable; ... } The most prevailing token standard comes from ERC-20 [81]. It introduces the concept of fungible tokens that can be issued on top of Ethereum once satisfying the requirements. The standard makes tokens the same as another one (in terms of both type and value). An arbitrary token is always equal to all the other tokens. This stimulates the hype of Initial Coin Offering (ICO) from 2015 to present. A lot of public chains and various blockchain-based DApps [75][102] gain sufficient initial fundings in this way. In contrast, ERC-721 [115] introduces a non-fungible token standard that differs from the fungible token. This type of token is unique that can be distinguished from another token. Specifically, every 7PDF Image | NFTs Non-Fungible Tokens Focus
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