What is NFT?
NFTs
are tokens that we can use to represent ownership of unique items. They let us
tokenize things like art,
collectibles and even real estate.
They
have one official owner at a time and they secure by the Ethereum blockchain
no one can modify the record of ownership or copy/paste a new NFT into
existence.
For
Example – Mike Winkelmann aka the digital artist Beeple, has sold his piece
“Everyday — The First 5000 Days” for $69.3 million .
Here are some other examples of
NFTs:
·
It
was the very first tweet sold for 2.9 million dollars.
·
Nyan
Cat animation movie sold for 590,200 dollars
·
CryptoKitties
cat was sold for 172,000 dollars.
Key Attributes of
NFTs
·
Transparency – It is very important for buyers, who
can trust and as well as verify the validity of a specific NFT.
·
Ownership – The NFT tokens ensure the ownership of
the asset transferred
·
Indivisibility – Non-fungible tokens cannot splits into
smaller pieces.
·
Non-Interoperability – Each token is unique and cannot
exchange for these items.
·
Authenticity – Their authenticity can easily verify
information about tokens and as well as their owners.
·
Programmability – Non-reversible tokens are fully
programmable, just like any other digital asset. However, the design space has
endless possibilities.
·
Traceability – NFTs can trade on various
cryptocurrency exchanges and owners can benefit from these advance trading
systems.
An Introduction to NFT Marketplace:
An
NFT marketplace is a decentralized
platform where users may generate, purchase, sell, and as well
as store non-fungible tokens.
They
primarily focus on selling specific assets, such as digital tokens of artwork,
games, soundtracks, or any other artistic production, together with information
about their ownership and validity.
NFT Minting Steps
·
Creating
a new block
·
Validating
information
·
Recording
information into the blockchain
Building MVP of NFT
Marketplace
While
building NFT Marketplace, you need are two things require to do basically one
to check the feasibility with required protocols:
·
Minting NFT
· Purchasing NFT
Created on Feb 10th 2022 05:52. Viewed 273 times.