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NIFTY is a proposal for a project in Hyperledger labs. Hyperledger labs is an open source code community with a low barrier to entry. Any and all are welcome to join and contribute to the lab. NIFTY aims to create an easy way The lab maintainers will be the governors. NIFTY plans a low-code and highly secure implementation to issue and trade NFTs, in a protocol agnostic way. NIFTY will create code to manage links to registries for issuance, code will address market place utilities for NFTs to create markets for trading (auction market places) and whatever shall arise in the course of our developmentissuance and trading of NFTs. NIFTY implementation will allow for extensibility and openness. An initial reference Hyperledger Fabric implementation is planned.
An NFT, as many already know, is an acronym for Non Fungible Token. A token is a digital or physical object that stands for something else. Tokens must be issued following a strict process, there must be easy ways to verify that a token is a legitimate representation of value. The object that a token stands for can be digital or analog. Key to the definition of an NFT, is fungibility. Fungibility is a property for units of commodity or a good to be interchangeable. USD is fungible, gold of the same purity and composition is fungible. Fungibility needs a measure, a unit of currency, a gram of gold, a barrel of oil, one share of IBM. Fungibility hinges on the indistinguishability of such units. Fungibility like many properties lies on a spectrumWhen examined closely Fungibility itself is a spectrum, sometimes limited by taint, by geography, by the number of units.
In NFT, the definition of fungibility is negated; that is, each token is unique and one cannot be exchanged for another.
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