What is the process of storing an NFT on the blockchain?

Storing an NFT, or non-fungible token, on the blockchain involves a specific process that ensures the security and immutability of these unique digital assets. First, the NFT is created by an individual or entity using a smart contract on a blockchain platform such as Ethereum. This smart contract contains information about the NFT's ownership, metadata, and any associated royalties. Once created, the NFT is typically stored on a decentralized storage system like IPFS or Arweave, with its unique token identifier linked to the metadata stored on the blockchain. This combination of the token ID on the blockchain and the metadata on decentralized storage ensures that the NFT's ownership and associated information cannot be altered or tampered with. The NFT can then be securely transferred or traded through various marketplaces, with every transaction recorded and verified on the blockchain, providing transparency and authenticity.

This mind map was published on 10 September 2023 and has been viewed 50 times.