Compliance of NFTs with standards is ensured through the use of smart contracts. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. These contracts ensure that NFTs comply with various standards, such as ERC-721 or ERC-1155, as they are programmed to follow a set of predetermined rules and regulations.
For example, the ERC-721 standard outlines the requirements for non-fungible tokens, such as the token ID, ownership transfer functions, and metadata. Developers can use this standard to ensure that their NFTs adhere to these guidelines. Similarly, the ERC-1155 standard outlines the requirements for NFTs that can represent both fungible and non-fungible tokens and facilitate batch transfers.
By adhering to these standards, NFTs become more interoperable and can be easily integrated with different platforms, wallets, and marketplaces, which promotes a healthy and robust NFT ecosystem. Additionally, adherence to these standards provides a level of transparency and certainty for buyers and sellers as they know exactly what they are purchasing or creating.
