You will have absolutely heard of NFT lately. After artist Beeple sold his art work “Everyday” for the astronomical sum of $69 million, many people have realized that NFTs have great potential.
Even large companies such as Adidas, McDonald’s, or Nike have shown their interest and started to participate in this new golden rush. In fact, they have all created their own NFTs that represent their company and their values, then put them for sale on the most popular platform for trading non-fungible tokens, opensea.
But what really are these NFTs?
An NFT, or non-fungible token, is anything that gets stored in the blockchain. This could be an image or a song. You can almost turn anything into a non-fungible token that is digital, or even physical. For example, you can use a QR code to scan the object and store it in any blockchain of your choice. The most widely used blockchain for NFT is unequivocally the Ethereum Network. This is because the most widely used platform supports the Ethereum blockchain as well as Polygon.
When generating an NFT, all the data is digitized and placed on the blockchain. A non-fungible token may store a vast quantity of data. The operation will be accompanied by a digital certificate of authenticity once it is recorded on the blockchain. This certificate ensures that the user who holds it is the only and unique owner of an NFT.
Once digitized on the blockchain, the work’s history (purchases, resales, date of creation, creator’s name, etc.) is documented forever. This is why auction companies specializing in art, such as Christie’s and Sotheby’s, made use of the technology.
What does it mean, “Minted”?
Minting is the process of “injecting” your digital art into the blockchain, making it unique and immutable. There are many platforms that let you do this, one of which is Opensea, where you may upload as much NFT as you like while only paying the gas charge if a user purchases your NFT.