CREATING A METAMASK ACCOUNT

What is a Blockchain? Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Blockchains have 7 key properties. Programmable: a blockchain is a programmable (create apps with smart contracts). Secure: all records are individually encrypted. Anonymous: the identity of participants is either anonymous or pseudonymous. Unanimous: all network participants agree to the validity of each of the records. Time-Stamped: a transaction timestamp is recorded on a block. Immutable: Any validated records are irreversible and cannot be changed. Distributed: all network participants have a copy of the ledger for complete transparency. The largest and most popular public blockchains are Bitcoin and Ethereum.

Non-Fungible Tokens on Blockchains A non-fungible token (NFT) is a type of cryptographic token that represents a unique asset. NFTs are tokenized versions of digital or real-world assets. They function as verifiable proofs of authenticity and ownership within a blockchain network. NFTs are not interchangeable with each other and introduce scarcity to the digital world.

Why NFTs are Important NFTs can be used for the creation and ownership of unique digital items and collectibles. While NFTs can be traded in open marketplaces that connect buyers with sellers, it is worth noting that the value of each item is unique. NFTs have the potential to be one of the key components of a new blockchain-powered digital economy. They could be used in many different fields, such as video games, digital identity, licensing, certificates, or fine art - and even allow fractional ownership of items. Storing ownership and identification data on the blockchain would increase data integrity and privacy, while easy, trustless transfers and management of these assets could reduce friction in trade and the global economy.

The Significance of Digital Art on the Blockchain With pieces in the fine arts market selling for tens or even hundreds of thousands of dollars, it’s important that you validate what you’re buying is the real thing. Artist with digital works are utilizing the blockchain to maintain their art’s integrity. Companies like Super Rare, Know Origin, Nifty Gateway and others have streamlined the process of allowing artist to mint digital artwork onto the blockchain as an NFT. Now when that artwork is brought and sold the transactions are stored publicly on the blockchain so that a prospective buyer, can easily track the entire history of ownership back to the artist. If the token doesn’t originate from the artist’s wallet, the artwork is a fake.

NFT Market Statistics

Total transaction volume

+50%

+482%

+17%