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NFTs and How They Work

What Are NFTs?

NFTs are digital pieces of item that could represent anything unique. They include art, tweets, random photos, a musical album, digital and non-digital assets.

They are Non-Fungible Tokens (NFTs) because they are not interchangeable like fungible tokens. They represent anything unique as an Ethereum-based asset that is powered by smart contracts on the Ethereum blockchain. One classical example of NFTs are CryptoPunks.

How Do They Work?

An NFT can only have one owner at a time. Ownership is managed through the uniqueID and metadata that no other token can replicate. NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFT's.

The minting process, from a high level, has the following steps that it goes through the following ways;

Creating a new Block

Validating The Information

Recording Information Into The Block

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From Internet of things to Internet of NFTs?

The advancement of the internet connectivity brought us to the era of Internet of Things (IoT); an era where non-human things common are being integrated into the scheme of things on the internet as devices.

Sequel to this, we talk about smart wristwatches, automobiles, offices and how these interact with us.

Blockchain technology has brought yet another exciting conversation on the internet for digital contents - the era of Internet of NFTs. A time where a mere tweet can be sold for $2.9M, puting ownership in the hands of the artists, curators, collectors, and digital art community at large.

What makes NFTs Unique?

What makes NFTs unique is their exclusive ownership that is authenticated on the blockchain.

Ownership of an NFTs implies that no other person can have exactly that same piece of digital content.

With blockchain technology, ownership/transfer of tangible or intangible entities can be authenticated on the blockchain in a way that cannot be altered.

The advent of NFTs has done one thing very significant in giving more power to content creators than ever before.

Their worth can increase significantly over time on the NFT Market. And you can also earn royalties from your NFTs when they are sold.

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NFTs And The Future of Africa

Looking into the future from here, we believe that Africa as a continent is blessed with a lot of potential from its cultural heritages to the individual creatives and lovers of arts whose interest can benefit them and the continent at large if harnessed via the blockchain technology on the NFT Market. To achieve this requires one thing; adoption of this technology.

At Crypto Arena Africa, we are very passionate about achieving this through blockchain education and creating a solution that puts Africa in the scheme of things on the NFT MarketPlace.

We are creating a decentralized digital distribution network that would provide the opportunity for content creators to harness the essence of the blockchain technology.

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To learn more about NFTs and Blockchain Technology, get in touch with us right away.

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