The NEAR community can prose and vote on a series of standards called Near Enhancement Proposals (NEP). These standards define
how to implement specific contract, so the community can achieve consensus when building apps.
🪙 Fungible Tokens
Besides the $NEAR native token, users can create and use a multitude of other fungible tokens.
In contrast with the NEAR token, fungible tokens are not stored in the wallet. Instead, they live in a contract which is in charge of doing bookkeeping.
🎟️ Non-Fungible Tokens
In contrast with fungible tokens, non-fungible tokens are unitary, making then ideal to represent ownership of assets.
As with fungible tokens, NFTs are not stored in the user’s wallet, instead, each NFT lives in a NFT contract. The NFT contract is in charge of handling the creation, storage and transfers of NFTs.