Description: The minting process of an NFT (Non-Fungible Token) involves a series of technical steps that allow the creation and registration of a digital asset on a blockchain. This process begins with the selection of digital content, which can be an image, video, song, or any other type of digital file. Once selected, the creator must use a minting platform, which is typically an NFT marketplace like OpenSea, Rarible, or Mintable. On this platform, the creator uploads the file and provides relevant information such as the title, description, and properties of the NFT. Subsequently, a smart contract is generated, which is a code that defines the rules and characteristics of the NFT, including its ownership and authenticity. This contract is stored on the blockchain, ensuring that the NFT is unique and cannot be replicated. Finally, the NFT is minted, meaning an entry is created on the blockchain that represents ownership of the digital asset. This process not only ensures the authenticity of the NFT but also allows for its buying, selling, and transferring in the digital market, establishing a new paradigm in the ownership of digital assets.
History: The concept of NFTs began to take shape in 2012 with the creation of Colored Coins, which were tokens on the Bitcoin blockchain representing real-world assets. However, the true boom of NFTs occurred in 2017 with the launch of CryptoKitties, a game based on Ethereum that allowed users to buy, sell, and breed unique virtual cats. This phenomenon demonstrated the potential of NFTs and led to an increase in the creation of platforms and markets dedicated to these digital assets. Since then, NFTs have evolved and diversified, encompassing digital art, music, collectibles, and more.
Uses: NFTs have multiple applications across various fields. In digital art, they allow artists to sell unique works and earn royalties on resales. In music, musicians can release albums and songs as NFTs, offering exclusive experiences to their fans. They are also used in the gaming world, where players can own and trade in-game assets. Additionally, NFTs are being explored in the real estate sector, where properties can be tokenized to facilitate their buying and selling.
Examples: A notable example of an NFT is ‘Everydays: The First 5000 Days’, a work by digital artist Beeple that sold for $69 million at a Christie’s auction in 2021. Another case is the NFTs from the Bored Ape Yacht Club collection, which have gained popularity and become a status symbol in the digital world. Additionally, platforms like NBA Top Shot allow fans to buy and sell highlight moments from the NBA as NFTs.
