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How does an NFT work?

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NFTs are stored on a blockchain, which is a decentralised public ledger that keeps track of transactions. Most people are familiar with blockchain as the underlying technology that allows cryptocurrencies to exist.

 

Let's deep dive to see how an NFT works.

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An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:

  •   Art
  •  GIFs
  •  Videos and sports highlights
  • Collectibles
  • Virtual avatars and video game skins
  • Designer sneakers
  • Music

 Essentially, NFTs are like physical collector’s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.

 

They also get exclusive ownership rights. That’s right: NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. 

 

Moving on, let's learn more about how to create, mint and promote NFTs.