Have you ever heard of "NFTs"? I would say probably, it is right now all over the internet, and it is one of the most fascinating things that happened to the blockchain/crypto industry.
The abbreviation "NFT" stands for "non-fungible token", and it represents a unit of data stored on a digital ledger, which is normally referred to as a blockchain. This ledger can be used as proof that certifies the ownership of a digital asset.
This ability makes NFTs particularly attractive for artists looking into finding a market for their artworks because it allows them to prove and track the ownership of their paintings.
By pikisuperstar
Almost everything can be turned into an NFT (paintings, gifs, images, music, etc), and there is currently a huge interest from companies, artists, and art collectors looking into creating, buying, and selling those amazing collectibles.
But then, what are fungible tokens?
You might be wondering if NFTs are non-fungible, then which type of assets are fungible tokens?, regular fiat money is fungible, shares of a company are fungible (there is no difference between a share of the company and another share of the same company), and even Stellar Lumens are fungible (1 Lumen = 1 Lumen).
Origins
NFTs are all over the place, and it is being used today to help artists find customers for their artworks. In June 2017, a crypto art project called CryptoPunks was created (by Larva Labs) and is considered as an inspiration for the ERC-721 standard for issuing NFTs on the Ethereum blockchain. Then in November 2017, CryptoKittes was released (by Dapper Labs), going immediately viral, and making them be known worldwide for their easy-to-use platform which allows anyone to easily buy, sell and breed virtual cats.
More recently, big names like Jack Dorsey, Elon Musk, Mark Cuban, and Gary Vaynerchuk have jumped into the NFT rabbit hole. For example, Twitter CEO Jack Dorsey's first tweet sold for $2.9 million.
How to mint your own NFTs using the Stellar Network
If you are looking for an easy-to-use platform for issuing your own NFTs on Stellar, Litemint is the platform you need. It leverages the advantages of the Stellar Network, allowing the issuance of NFTs in a fast, secure, and with near-zero fees.
In the case that you are a bit more technical and are interested in creating an NFT on the Stellar Network, feel free to check out the following step-by-step guide written by the Reddit user /u/citystates, about how you can easily create an NFT on Stellar using the Stellar Laboratory.
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Resources
[1] NFTs on Stellar https://www.stellar.org/events/nfts-on-stellar
[2] Tradable, Breedable, Non-Fungible Tokens Now Available on Stellar with Litemint https://blog.litemint.com/tradable-breedable-non-fungible-tokens-now-available-on-stellar-with-litemint/
[3] This ethereum-based project could change how we think about digital art https://mashable.com/2017/06/16/cryptopunks-ethereum-art-collectibles
[4] Twitter CEO Jack Dorsey’s first tweet NFT sells for $2.9 million https://www.cnbc.com/2021/03/22/twitter-ceo-jack-dorseys-first-tweet-nft-sells-for-2point9-million.html
[5] Step-By-Step: Creating an NFT on Stellar Network https://www.reddit.com/r/Stellar/comments/m9mklm/stepbystep_creating_an_nft_on_stellar_network/
