What are NFTs and how do they work?
In recent times, NFT has been a concept that has been mentioned a lot in the press and media. It is a product of the new technological age and is expected to create a fever in the near future. But do you really understand what NFT is?
What is NFT?
NFT stands for non-fungible token, which is a unit of data on a blockchain digital ledger. In a word, it is a type of digital asset present on a digital chain (blockchain). This blockchain acts as a ledger that ensures the authenticity of both the assets and their owners.
Another distinguishing feature of the NFT is its irreplaceability. An illustrative example of interchangeability is currency; you can easily exchange a $5 bill for another $5 bill due to its uniformity. Currencies are exchangeable because they are defined by value, not uniqueness.
Meanwhile, NFTs are not interchangeable. Each NFT has a unique identifier that sets it apart from the rest. This code serves as proof of originality and ownership in the digital realm.
How does NFT work?
The first step to creating an NFT is casting. Mining means turning images, videos, audio, and other digital files into cryptographic assets on a blockchain. NFTs are present on the blockchain, making editing and tampering more difficult. NFT's unique data makes it easy to verify originality and ownership.
When creating an NFT, the owner or creator can also store specific information inside the NFT, such as signed artwork, by including the signature in the NFT's metadata.
NFT is run on the blockchain's blockchain system, a public distributed technical ledger used to record transactions. Almost anyone who has ever learned about blockchain will surely know the basic process of creating cryptocurrency through blockchain.
NFT will typically run on the Ethereum blockchain, with support from other blockchains as well. NFTs have been minted from numbers representing tangible and intangible items, including:
- image in GIF format.
- Video captures outstanding moments in sports.
- Avatar image, in-game items
- design sports shoes.
- Music products.
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