What are NFTs
Non fungible tokens (NFTs) are digital assets with their ownership recorded on a digital ledger.
What does fungible mean?
Fungibile is a synonym for substituable.
If I have one bitcoin, and you have one bitcoin, we can swap them and neither of us has gained or lost anything. (fungible)
If I have a Charmander, and you have a Pikachu then you may not wish to swap. (non fungible)
What do we mean by token?
A token is a digital representation of an asset.
I could hold a dollar bill in my hand, or it could be represented as an entry in a database.
What are non fungible tokens then?
As we mentiond, NFTs are digital assets with their ownership recorded on a digital ledger.
One type of digital ledger is a blockchain. A blockchain is a globally shared database.
On chain vs off chain
Only the address of the owner and a link to the asset's metadata are stored on the blockchain. (on chain)
The metadata is not stored on the blockchain. (off chain)
Off chain data should be stored on a decentralized server to ensure the long term survivability of it.
You wouldn't want the host of your metadata to go out of business, as you'd lose your asset.
What exactly is metadata?
Metadata describes the NFT. It includes a name, description, and an image; but can have other attributes as well.
NFT Metadata is stored in a format called JSON. This is plain text format and is somewhat readable once you get used to it.
What blockchains support NFTs?
There are many blockchains. Some better known ones include Bitcoin, Ethereum, and Polygon.
Not every blockchain can support NFTS. You should know which blockchain your NFT is minted on.
All NFTs created on Hodl My Moon are Polygon NFTs
Where can I mint NFTs and start my journey?
You can download a web3 wallet, and log in right here.
Once you've logged in, you can mint your first Polygon NFT on the site.
Hodl My Moon is an Polygon NFT Marketplace and Social Network