BlockchainBeginner#Tokens#Digital Art#Gaming#ERC-721
NFT (Non-Fungible Token)
N
Definition
A non-fungible token is a distinguishable token record, usually identified by a contract address and token ID. It can track control of that record, but does not automatically grant ownership, copyright, access, authenticity, or rights in a linked asset.
Source reviewed
- EIP-721: Non-Fungible Token Standard opens in a new tab
Supports: Defines ERC-721 ownership, transfer, approval, optional metadata, tokenURI, and implementation caveats.
- US Copyright Office and USPTO: Non-Fungible Tokens and Intellectual Property opens in a new tab
Supports: Explains that NFT ownership and copyright ownership are separate and that associated rights generally require a separate valid agreement.
- US Copyright Office: transfer of copyright ownership opens in a new tab
Supports: States the writing requirement for a non-operation-of-law transfer of copyright ownership under US law.
Concept Diagram
Key Takeaways
1
An NFT identifies a distinct token record; ERC-721 can track and transfer that record but metadata is optional
2
Token control does not automatically transfer copyright, a license, authenticity, admission, physical title, or royalties
3
Verify exact contract, token ID, owner, approvals, metadata path, issuer terms, transferability, and permissions
4
Treat displayed media, market data, and stated benefits as claims to verify against technical and legal source records
Practical Example
A buyer finds an NFT listing. Before signing, they verify the contract and token ID on the correct chain, inspect the metadata URI and operator approvals, and read the collection license. The terms grant a limited display license only, so the buyer does not claim copyright or a royalty entitlement merely from receiving the token.
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Related Terms
Blockchain
dApp (Decentralized Application)An application that combines a user interface with smart contracts or other decentralized-network components. Its interface, data services, wallet connection, and operations may still have centralized dependencies.
Blockchain
ERC-721An Ethereum interface standard for non-fungible token contracts. A token is uniquely identified within its contract, but the standard does not establish authenticity, legal title, metadata permanence, or value.
Blockchain
MintingA protocol action that creates or assigns token units under a contract or network's issuance rules. What is minted, who can mint, supply limits, backing, transferability, and holder rights are implementation-specific.
Blockchain
RWA (Real World Assets)A broad label for an onchain token or record connected to an offchain asset, claim, cash flow, or legal arrangement. The token's holder rights depend on its specific issuer documents and governing law.
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