Difference between an NFT contract and a collection?

NFT Contract

NFT contracts, are smart contracts and serve as the foundational protocols responsible for minting and managing unique digital assets. These contracts, typically adhering to standards such as ERC-721 or ERC-1155, provide a standardized framework for the creation and identification of individual NFTs.

NFT Collection

NFT collections represent curated groupings of these tokens, often organized around common themes, styles, or projects. Collections are usually off-chain representations and are commonly tied to specific NFT marketplaces. They group NFTs together for easier categorization or presentation.

Contract vs. Collection

Contract:

Definition: A contract in blockchain usually refers to a smart contract, which is a self-executing contract with the terms of the agreement between buyer and seller directly written into code.

NFT Issuance: On platforms like Ethereum (EVM-based chains), an NFT contract represents a smart contract (commonly based on standards like ERC-721 or ERC-1155) that issues NFTs.

On-chain Address: Each contract has a unique on-chain address. NFTs within a contract are identified by the combination of their contract address and individual token ID.

Consistency: Contracts remain the same no matter which marketplace or protocol is interacting with the NFT. They are represented on-chain with a fixed address.

Collection:

Definition: A collection in the context of blockchain typically refers to a grouping of NFTs, often with shared characteristics, themes, or purposes.

NFT Grouping: Collections are usually off-chain representations and are commonly tied to specific NFT marketplaces. They group NFTs together for easier categorization or presentation.

Identifiers: Collections may be represented by different identifiers across different marketplaces and protocols. They are often associated with a specific NFT marketplace, and examples include the Venly Market collections.

Variability: While contracts and collections are often 1:1 (i.e., a collection corresponds to a single contract), this is not always the case. There can be situations where a collection contains NFTs from multiple contracts or vice versa.

Example: The MetaRing collection on the Venly Market is an example of an NFT collection.

Summary

In summary, a contract in blockchain typically refers to a smart contract responsible for issuing NFTs, while a collection refers to a grouping of NFTs often associated with a specific off-chain representation tied to a marketplace. The contract is the technical foundation for NFTs, while the collection provides a way to organize and present NFTs in a user-friendly manner, often within the context of a particular marketplace like the Venly Market.