Understanding The Essence Of NFTs
NFTs are powered by blockchain technology, which ensures their scarcity and authenticity. Each NFT is backed by a smart contract that defines its uniqueness, making it ideal for representing one-of-a-kind digital assets. It represents any piece of art, digital content, or media, including sneakers, tickets, university degrees, real estate, in-game items, etc.
Minting is a process of transforming digital files into crypto assets stored on any blockchain network. In detail, it involves signing blockchain transactions with token details and uploading them to the blockchain to trigger the smart contract function. Minting gives rise to new tokens or coins.
An NFT comprises a unique token identifier and metadata stored in a smart contract, which helps identify its owner. When the owner transfers its assets or token ID to the next user, it becomes easy to verify the ownership.