You are probably already familiar with the non-fungible tokens (NFTs), the popularity of which has skyrocketed in recent times. Of course, the usage of such tokens now extends far beyond digital art, but it was the foundation of the NFT market.
NFT is a digital representative (asset) of a digital file or physical object. There are several types of NFT:
- art items
- music
- video game items
- trading cards
- memes
- sports moments
- domain names
- fashion items
So now the question arises: how exactly does the transformation of an object into a token happen that encapsulates the uniqueness of a thing impossible to fake? Or, in simple words, how does NFT work?
NFT minting process inside out
Minting is the process of NFTs building on the blockchain. In more detail: “uploading” your digital art (or other digital objects) on the Ethereum blockchain or converting a digit file into an asset — a token. Then, you are free to purchase or trade it with cryptocurrencies.
Why Ethereum?
The thing is, NFTs are produced using Ethereum-based (mostly) smart contracts. Besides, the platform supports multiple standards for minting NFTs.
Flow, Solana, Wax, Tezos, Binance Smart Chain are some of the alternatives to Ethereum regarding the NFTs building.
What about NFT artwork storing?
There are 2 ways of NFT artwork storing…
Continue reading on our new blog: https://oneart.digital/en/blog/how-does-nft-work#what-about-nft-artwork-storing
