So you might confused! by seeing this word what the hell.. this NFT as people are speaking more on this..?
Relax let understand one by one.. if you want some definition here its goes:
NFTs are non-fungible tokens. They act as a non-duplicable digital certificate of ownership for any assigned digital asset. Basically, it is a smart contract that is put together using bits of open source code, which anyone can find from platforms like GitHub, and used to secure that digital item. Once the code is written, it is then minted, or permanently published, into a token (most commonly a token called an ERC 721) on a blockchain, like Ethereum.
now whoever reading they might have few clarification
- what is non-fungible?
- what is Minting?
- how this block chain works😥
- and finally why you guys demanding one piece of art works for millions?
usually, it is a digital art or form of art, it might be a nice piece of the picture, altered picture, small audio or any form of data that appears as digital. The unique items you can't replace with anything. Eg: The panting of Monalisa might be single piece which available in the world, so basically you cant replace anything with that.
So now basically everybody thinking how it's possible?🙄 even everybody can take copy of Monalisa and they could become the owner !😂 so that's why there is NFT mintable concept has appeared.
so basically minting is process where it takes digital file in different format that is either JPG, PNG, MP4 or any media format and stores it on Etherim block as nonfungible token with unique value. in future it will be act like deposited box which cant be altered. basically opensea.io is one of the marketplace to sell and buy NFT’s.
So basically blockchain is chain of blocks it consist of some information or distributed ledger that connected to each blocks. usually the information or data which is stored on each block might be difficult to change or modify.
each NFT got its own unique ID it tells the owner of the particular NFT as al transfer informations. following few functions which return more info about token on REC21
function balanceOf(address _owner) public view returns (uint256 balance)event Transfer(address indexed _from, address indexed _to, uint256 _value)event Approval(address indexed _owner, address indexed _spender, uint256 _value)
So usually in future NFT going to be complete trade mark or proof for the asset. it could be 3 hour movie or music album or any standard form.
hopefully you guys understand some points related to NFT and working flow.let clap and cheers..🥂