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What is NFT?
An NFT (non-fungible token) is a unique digital item stored on a blockchain. NFTs can represent almost anything, and serve as a digital record of ownership.
Non-fungible, means the item is totally unique, and therefore has its own unique value. For example, two cars of the same make and model might have different values based on how many miles are on the odometer, their accident records, or if it was previously owned by a celebrity.
How do NFTs work?
NFTs operate on blockchain technology. The blockchain is basically a large, digital, public record. The most popular blockchains are distributed across many nodes (read: people’s computers), which is why you’ll hear them described as “decentralized.”
The impact of NFT technology
Blockchain technology is revolutionary for digital goods. With NFTs, digital goods can be provably scarce, openly transferable, and have authenticated ownership. But you might be thinking…so what?
For creators, these new attributes are incredibly powerful. Instead of distributing their artwork, music, or other creations on platforms that are traditionally hard to monetize, they’re able to sell unique and authenticated items on a blockchain-based marketplace. In addition to the initial sales, the underlying code that powers NFTs also can also enable creators to receive set creator earnings on every secondary sale. For example, a developer could make an in-game skin that can be used across a variety of games and has established authenticity and ownership, and that developer can earn money every time that skin is bought or sold.
What is minting an NFT?
“Minting” an NFT is the process of writing a digital item to the blockchain. This establishes its immutable record of authenticity and ownership.
What is the purpose of minting?
You may have heard people ask, “Why can’t I just screenshot an NFT?” Minting is part of the answer. When you mint an NFT, it becomes stored on the blockchain, where its authenticity and ownership is established. And because the blockchain record can’t be edited, minting is the start of that NFT’s immutable history.
How to buy an NFT on Axieartes
In order to buy an NFT, you'll need a crypto wallet and cryptocurrency (Ethereum) and their fund your Axieartes wallet to get started. Using Axieartes, you can buy items listed for sale instantly, bid in auctions, or make offers on any NFTs.