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Frequently Asked Questions
An NFT is a unique digital asset that proves ownership using blockchain technology. Unlike traditional digital files, which can be easily copied and shared, an NFT is a non-fungible token that is unique and cannot be replicated. This means that collectors can have full control over their digital assets and the ownership is recorded in a secure and immutable way on a blockchain, such as Ethereum or Polygon.
The NFT itself contains a small amount of information, such as a unique fingerprint and a token name and ID. To own and manage NFTs, users require a digital wallet, such as MetaMask. It's important to note that the digital asset itself is most often not stored on the blockchain directly, but its attributes and a link to the file.
After an NFT is created (also called 'minted'), it can be traded on any NFT marketplace. In some cases, creators may retain royalty rights, which will be automatically deducted and paid using a smart contract on the blockchain when the NFT is sold. This ensures transparent and efficient royalty payments for creators. NFTs can also be linked to exclusive benefits, such as the right to participate in an event or claim a physical or digital product.
The potential uses for NFTs are vast and range from art and music to real estate and automobiles. The ability to prove ownership of unique digital assets using NFTs could have a significant impact on various industries and could transform the way we think about ownership in the digital world.
Quite like a real wallet where you keep your bills and coins, a crypto wallet is a wallet for the blockchain world. It allows you to interact with a blockchain through your browser or mobile app. In its simplest form, a wallet comprises a public and private key, which are cryptographically generated. You could see your public key similar as your IBAN number to which other people can send you cryptos or NFTs. Private keys grant you control over your wallet, similar to your ebanking password, and hence should never be shared with anyone. Unlike with your bank account, there is no intermediary between you and your assets, so if you lose control over your account, yours assets will be lost forever.
To make the process of setting up a wallet user-friendly, there are many software wallets, such as MetaMask, which equip you with a wallet address, a private key, a secure login, and backup options to manage your digital assets securely. MetaMask is available as a browser extension or a mobile app, and you can be up and running in just a couple minutes. Learn how to install MetaMask in the following video.