What is the process of providing ownership of NFT?

The process of providing ownership of an NFT (Non-Fungible Token) involves a series of steps that ensure transparency, security, and legitimacy. First, a creator or artist mint the NFT, which involves creating a unique digital asset on a blockchain platform, such as Ethereum. This asset could be anything like artwork, music, collectibles, or virtual real estate. Once minted, the creator receives a cryptographic signature or digital certificate that proves its authenticity and ownership. Next, the NFT is typically listed on a marketplace, where users can buy, sell, and trade these unique assets. When someone purchases an NFT, the ownership is transferred by updating the ownership details on the blockchain ledger, which is publicly accessible and impossible to tamper with. The buyer receives a unique cryptographic key that acts as a digital proof of ownership, enabling them to display, transfer, or resell the NFT as they wish. This entire process ensures that NFT ownership is transparent, verifiable, and traceable on the blockchain.

This mind map was published on 10 September 2023 and has been viewed 49 times.