Who has the authority to provide ownership of an NFT?

The authority to provide ownership of an NFT (non-fungible token) lies with the creator or issuer of the NFT. As the creator of the digital asset, they have the power to mint the NFT on a blockchain platform and establish the initial ownership. This process typically involves a unique digital signature that verifies the authenticity and ownership of the NFT. Once minted, the creator can transfer the ownership to another individual through a transaction on the blockchain, transferring the digital asset to a new wallet address. The decentralized nature of blockchain technology ensures transparency and immutability, enabling secure ownership tracking and verification. Ultimately, ownership of an NFT is established and validated through the authority of the creator and the cryptographic mechanisms of the blockchain.

This mind map was published on 19 September 2023 and has been viewed 49 times.