🕶️HICE NFTs

HICE NFTs are key utilities of HICE Token Lab to create a bond between the project and the community. The NFTs are tokens created to bring a sense of ownership and participation in HICE development.

What Is a Non-Fungible Token (NFT)?

Non-fungible tokens (NFTs) are assets that have been tokenized via a blockchain. They are assigned unique identification codes and metadata that distinguish them from other tokens.

What Is a Non-Fungible Token (NFT)? Non-fungible tokens (NFTs) are assets that have been tokenized via a blockchain. They are assigned unique identification codes and metadata that distinguish them from other tokens.

NFTs can be traded and exchanged for money, cryptocurrencies, or other NFTs—it all depends on the value the market and owners have placed on them. For instance, you could use an exchange to create a token for an image of a banana. Some people might pay millions for the NFT, while others might think it worthless.

Cryptocurrencies are tokens as well; however, the key difference is that two cryptocurrencies from the same blockchain are interchangeable—they are fungible. Two NFTs from the same blockchain can look identical, but they are not interchangeable.

How NFTs Work NFTs are created through a process called minting, in which the information of the NFT is recorded on a blockchain. At a high level, the minting process entails a new block being created, NFT information being validated by a validator, and the block being closed. This minting process often entails incorporating smart contracts that assign ownership and manage the transferability of the NFT.

As tokens are minted, they are assigned a unique identifier directly linked to one blockchain address. Each token has an owner, and the ownership information (i.e., the address in which the minted token resides) is publicly available. Even if 5,000 NFTs of the same exact item are minted (similar to general admission tickets to a movie), each token has a unique identifier and can be distinguished from the others.

Like the traditional tokenized NFT, a Bitcoin Ordinal can be bought, sold, and traded. The difference is NFTs inscribe serial numbers to the work of art or music and Bitcoin Ordinals have identifiers inscribed to the satoshis—the smallest chain denomination.

Blockchain and Fungibility Like physical money, cryptocurrencies are usually fungible from a financial perspective, meaning that they can be traded or exchanged, one for another. For example, one bitcoin is always equal in value to another bitcoin on a given exchange, similar to how every dollar bill of U.S. currency has an implicit exchange value of $1. This fungibility characteristic makes cryptocurrencies suitable as a secure medium of transaction in the digital economy. 5

For this reason, NFTs shift the crypto paradigm by making each token unique and irreplaceable, making it impossible for one non-fungible token to be "equal" to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens. They are also extensible, meaning you can combine one NFT with another to create a third, unique NFT.

How Can I Buy NFTs?

Many NFTs can only be purchased with the Coin of the parent blockchain such as ETH for Ethereum, CORE for Core chain, BNB for Binance smart Chain, Matic for Polygon etc.. So owning some of this cryptocurrency—and storing it in a digital wallet—is usually the first step. You can purchase NFTs via any of the online NFT marketplaces, including OpenSea, Rarible, SuperRare and YoungParrot.

Are NFTs Safe?

Non-fungible tokens, which use blockchain technology like cryptocurrency, are generally impossible to hack. However, the weak link in all blockchains is the key to your NFT. The software that stores the keys can be hacked, and the devices you hold the keys on can be lost or destroyed—so the blockchain mantra "not your keys, not your coin" applies to NFTs as well as cryptocurrency. NFTs are safe as long as your keys are properly secured.