Non Fungible Tokens Simplified Series; NFTs but what are they?

NFTs are the future of asset ownership and management but what exactly are they?

What are NFTs?
NFTs, or non-fungible tokens, are unique digital assets that represent ownership of something. They are stored on a blockchain, which is a secure and transparent ledger. NFTs can be used to represent a wide variety of items, including art, collectibles, game items, and even real estate.

How do NFTs work?
NFTs are created by issuing a unique cryptographic key that represents the asset (metadata). This key is used to control the ownership of the NFT and can be transferred between users. The NFTs are stored on a blockchain platform, where they are tracked and verified by the network.

What are some examples of NFTs?
Some examples of NFTs include:

• Digital art, such as CryptoPunks, Allone Yellow Edition and Beeple’s Everydays: The First 5000 Days
• Game items, such as swords and armor in Axie Infinity or Initiates in Battle
• Real estate, such as plots of land in Decentraland or real real-estate plots in Florida subject to fractionalized ownership as well
• Collectibles, such as trading cards and sports memorabilia such as NBA Topshots
• Luxury brand collectibles that tailor exclusive experiences for holders such as DIOR or Louis Vuitton or Nayaab (Seedhe Maut) NFTs

How can I use NFTs?
NFTs can be used in a variety of ways, including:

• Transferring ownership of digital assets. NFTs can be used to transfer ownership of digital assets between users. This is useful for items such as art, collectibles, and game items.
• Representing rights and permissions. NFTs can be used to represent rights and permissions within decentralized & centralized applications. This could be used to track ownership of intellectual property or to grant access to exclusive content.
• Tracking the provenance of digital assets. NFTs can be used to track the provenance of digital assets. This could be used to verify the authenticity of a work of art or to track the ownership history of a piece of real estate.
• Creating and owning digital collectibles. NFTs can be used to create and own digital collectibles. These collectibles can be traded on online marketplaces, such as OpenSea and MantlePlace.

How to Invest in NFTs?
There are a few things to keep in mind when investing in NFTs:

• Do your research. Before you invest in any NFT, it is important to do your research and understand the risks involved.
• Choose the right platform such as iNFT x DiD-based MantlePlace. There are a number of different platforms where you can buy and sell NFTs across blockchains. Choose a platform that is reputable and with the offerings of your choice.
• Store your NFTs safely. Once you have purchased an NFT, it is important to store it safely. You can store your NFTs in a cold wallet (Ledger) or a hot-wallet (web-wallet such as KEPLR).

What are the benefits of NFTs?
NFTs offer a number of benefits, including but not limited to:

• Security. NFTs are stored on a blockchain, which is a secure and transparent ledger. This makes them difficult to forge or counterfeit.
• Transparency. The ownership of an NFT is transparent and can be verified by anyone on the blockchain such as MantleExplorer or Mintscan or Etherscan- depending on the ecosystem.
• Fungibility. Unlike other tokens, such as Bitcoin and Ethereum, NFTs are not fungible. This means that each NFT is unique and cannot be replaced.
• Portability. NFTs can be transferred between users easily and quickly.
• Decentralization. NFTs are decentralized and not controlled by any central authority. This makes them more secure and resistant to censorship.

Risks involved in NFT investment
Investing in NFTs carries inherent risks that investors must be aware of. These risks include potential fluctuations in NFT values due to factors like regulatory and technological changes, as well as market conditions. Holding and trading NFTs on exchanges also poses risks, such as hacking and technical issues leading to fund loss. It is crucial for investors to conduct thorough research and comprehend the risks associated with investing in NFTs on platforms like Cosmos, Ethereum, or Solana.

Conclusion
NFTs are a new and emerging asset class that offer a number of potential benefits. However, there are also some risks associated with investing in NFTs. It is important to do your research and understand the risks before investing in NFTs.

Disclaimer
This article is for informational purposes only and is not an investment advice. The author is not a financial advisor and does not provide financial advice. Readers should note that any financial and crypto market information provided here is for informational purposes only and not investment advice. NFTs and crypto products are unregulated and can be highly risky, with limited regulatory recourse in case of losses. It is advised to seek guidance from financial experts before making any investment decisions.

-Vismay Hegde (author)

About AssetMantle
AssetMantle is a multi-tenant NFT marketplace framework that enables creators and collectors to securely mint, own, and trade digital assets on its fast-finality blockchain. The AssetMantle no-code toolset allows creators to create customized assets and marketplaces permissionlessly. Likewise, collectors can own the assets minted across these marketplaces and compatible chains in a singular wallet with minimal gas and a lower carbon footprint. AssetMantle implements an end-to-end stack of open-source modular tools via iNFT standard that developers can modify to fit advanced use cases.

AssetMantle has a plethora of iNFT products (MantleBuilder- in the brew, MantleWallet, MantlePlace, Explorer) with the crowing glory product with which we kicked off the NFT economy; iNFT & DiD-based MantlePlace MantlePlace; an NFT marketplace with features such as an interoperable NFT’, next-gen secondary marketplace, in platform messaging, trade-rooms, fractionalized NFTs, tiers & access controls, dutch & english auctions, whitelists & exclusive sales, batch minting, plethora of other state-of-the-art features released sequentially. Create your unique ID today!

Vision
Build an open-source, community-driven framework for inter-chain NFTs and metadata standardization by contributing to the ‘interNFT standard’.

Mission
Provide a platform that enables a diverse set of NFTs use cases that extend beyond arts and collectibles and can potentially change the representation of rights and ownership of real-world assets like real estate and other commodities.

AssetMantle is always on the lookout to connect with individuals or organizations who wish to take advantage of the opportunities present in the blockchain space and want to learn more about AssetMantle. If you wish to get in touch, please do not hesitate to reach out.

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