What is an NFT?
NFT stands for 'non-fungible token. An NFT is basically data that is accounted for in a digital ledger, and that data represents something specific and unique. An NFT can, for example, represent a unique piece of art or a game token. Find out more below.
What does ‘Mint’ mean?
NFT Minting is the process by which your digital art or digital content becomes a part of the blockchain, the Solana blockchain in the case of Awkward Dragons NFTs.
What is an NFT?
An NFT is a non-fungible token. But what exactly does non-fungible mean? A good or commodity is fungible if its individual units are interchangeable and indistinguishable. For example, if you went to the grocery store, paid in cash, and needed five dollars in change, you wouldn’t care whether the cashier gave you one $5 bill or five $1 bills. You also wouldn’t care whether they gave you the $5 bill at the top of the stack, the bottom of the stack, or if they pulled the bill out of their pocket (which would be a little weird, but this is a hypothetical). Regardless, in each scenario you’re still leaving the store with $5, because money and currency are typically fungible. Each individual unit is interchangeable with, and indistinguishable from, another unit. On the other hand, if you ordered a Picasso painting off Amazon and instead received a third-grader’s art project, you probably wouldn’t be too happy. Although both are pieces of art, the paintings don’t have the same value, and they’re not interchangeable. In other words, the paintings are non-fungible.
An NFT is a digital certificate of ownership for a one-of-a-kind cryptographic asset that cannot be interchanged with another item. NFTs can be sold and traded online and are maintained and protected in a digital ledger, known as blockchain. In other words, NFTs allow people to own and trade digital assets, as opposed to physical, tangible assets. Examples of NFTs include photos, videos, digital artwork, and Tweets; but the cryptographic tokens can be attached to virtually any digital file. When an NFT is encrypted, it’s assigned a unique digital hash. This process ensures that each NFT is truly one-of-a-kind.
When someone buys an NFT, their unique identifier gets encrypted into the token to keep track of ownership changes. This ownership information is then distributed across the entire network, so anyone with access to the blockchain can see it. However, only the owner can access the NFT with their unique cryptographic key.