Smart Contracts

Basic information about smart contracts

What are Smart Contracts?

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.

What are NFT smart contracts, or ERC-721s?

An NFT smart contract is a standardized, decentralized way of creating a collection of NFTs (or ERC-721s). What make an NFT an NFT is that it follows the guidelines set out in the ERC-721 standard. Think of your smart contracts as a safe, decentralized place for your NFTs to live.