How do NFTs work?

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GrayRabbit
Posts: 22
Joined: 04 May 2021, 15:25

How do NFTs work?

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NFTs have some special properties:

Each token minted has a unique identifier.
They're not directly interchangeable with other tokens 1:1. For example 1 ETH is exactly the same as another ETH. This isn't the case with NFTs.
Each token has an owner and this information is easily verifiable.
They live on Ethereum and can be bought and sold on any Ethereum-based NFT market.
In other words, if you own an NFT:

You can easily prove you own it.

No one can manipulate it in any way.
You can sell it, and in some cases this will earn the original creator resale royalties.
Or, you can hold it forever, resting comfortably knowing your asset is secured by your wallet on Ethereum.
And if you create an NFT:

You can easily prove you're the creator.

You determine the scarcity.
You can earn royalties every time it's sold.
You can sell it on any NFT market or peer-to-peer. You're not locked in to any platform and you don't need anyone to intermediate.
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BlackOff
Posts: 26
Joined: 08 May 2021, 06:52

Re: How do NFTs work?

Working with NFT did not cause any particular difficulties for me. Perhaps due to the fact that I have been working on a cryptocurrency basis for a long time. Therefore, with variety, it only gets more interesting.
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Aizek
Posts: 18
Joined: 27 May 2021, 15:21

Re: How do NFTs work?

As with any process, the most important thing when working with NFT is to understand the essence of the work and understand the process itself. And everything will be fine.
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