What is an NFT?
With the power of blockchain, true digital ownership and authenticity is finally possible in a global scale. Everyone can verify who owns what, and from which author this particular asset is created. The digital assets on blockchain are called Non Fungible Tokens (NFT’s), which is a fancy word for unique. Unique in the sense that you can have two assets that look the same, but they are not interchangeable because of underlying differentiators like mint numbers, stats, utility and much more.
Analogy on what can differentiate an NFT
One way to understand this difference is to think of tickets to a sports event. All tickets are for the same event, same date and same game. So at first glance, they are all the same. However the aspect that makes them unique is their seating, where better seating are worth more than bad seating. Perhaps the VIP seats grants you free food, or a meetup with the athletes. This is obvious for us, because this is part of every day. But preventing fraudulent tickets and to verify authenticity is a difficult task, and is only valid for the event owners themselves. With a public blockchain anyone has the power to validate and guarantee that the ticket you hold is a real one, and which specifications your ticket will give you.
The above image is an example on how you can verify the asset before you buy it. You can clearly see the Author, name, card number, variant and mint number. There is also a current supply, why I say current is because all packs are not yet opened and we do not know how many more Adam Bomb Base cards will be minted. Some releases use pre-minted NFTs that are randomized when you open a pack/crate, these will enable anyone equal chance of getting that first mint and also you will always know total supply.
Digital assets on Blockchain — Important to understand
Trades on Blockchains are irreversible, that means if you buy or sell something, there is no turning back, once the trade is done, it’s done. So if you accidentally buy or sell something, you can not go back. So always double check price, asset and author. Some markets will check the author for you, which is great.
A Blockchain is a publicly accessible database, there are multiple marketplaces that connect to this database to enable you to trade your digital assets easily. On WAX you can also find two types of standards for digital assets (NFTs), atomicasset and simpleasset. Some markets will only support one of the two, and others will support both. This is why you may not be able to see or trade some of your digital assets on a marketplace, but you can do so on another.
To trade your digital assets on WAX, you need to have either the NFT to sell, or WAX tokens to buy it. WAX can be bought on multiple cryptocurrency exchanges and inside the WAX cloud wallet.
On other blockchains like Ethereum, you will have other standards and other marketplaces, different blockchain solutions offer different benefits and side-effects. More on that in another article.
Anyobservation socials
Website: https://anyo.io/
Twitter: https://twitter.com/anyobservation
Youtube: https://youtube.com/c/anyobservation
