NFT Mint and Transfer

NFT art Market ‘SuperRare’ raised $9 million funding in March 2021. This is going to be the future. ‘Everything Digital’.

Non-fungible tokens (NFTs) are unique, non-interchangeable assets minted on- chain. NFTs are creating interesting use cases in the realms of digital art, collectibles, ticketing, gaming, digital ownership and much more. The digital art industry alone stands to reach $315M in 2020.

Each NFT has its own unique attributes which are trackable and immutable. NFT artists can sell their pieces directly to collectors, and the authenticity and number of pieces minted can be verified by anyone at anytime. Settings can also allow for royalty collection in future resale events.

NFT game avatars, user parameters, and in-game items can move seamlessly between games. Proof-of-ownership is easy to verify, and this is valuable for

ownership records, domain names and other assets. Just as with other fungible assets (cryptocurrency), token owners can completely control and manage their own assets without relying on a 3rd party.

High gas prices on Ethereum can make it cost prohibitive to mint and trade NFTs on the mainnet. According to developer Austin Griffith "Based on the current gas prices (08/28/2020), it costs between $15.00 and $50.00 to mint a single piece of NFT artwork on Ethereum and $3.00 or more to send it to another account." EtherLite solves this issue with minting, trading and storing NFTs. Once value is established and/or access on Ethereum is required, unique assets, along with all associated metadata, can be transferred to Ethereum with the TokenBridge. This system provides a fast and inexpensive way to create and manage NFTs across the blockchain ecosystem.

Last updated