FAQs

❓👋Blockchain

What is blockchain technology?

Blockchain technology is a cutting-edge database mechanism that facilitates transparent information sharing within a business network. It operates on a structure of blocks, interconnected like a chain. The data stored in these blocks remains chronologically consistent, as modifications or deletions require network consensus. This immutability enables the creation of secure and tamper-resistant ledgers, tracking orders, payments, accounts, and various transactions.

Through built-in safeguards, blockchain prevents unauthorized transaction entries and maintains consistency across the entire transaction history. This ensures that all participants in the network share a trustworthy and synchronized view of the data. Embracing blockchain technology empowers businesses with a robust and reliable infrastructure for seamless and accountable data management, revolutionizing the way transactions are conducted in the modern digital era.

What are blocks in a blockchain?

In a blockchain, blocks are the fundamental units of data that store information about transactions, records, or any other data relevant to the blockchain network. Each block contains a specific set of data and is linked to the previous block through cryptographic hashing, forming a continuous chain of blocks.

❓👋About NFT Marketplace

1.What Is a NFT Marketplace?

NFT marketplace is a digital platform for buying and selling NFTs. These platforms allow people to store and display their NFTs, plus sell them to others for cryptocurrency or money. Some NFT marketplaces also allow users to mint their NFTs on the platform itself.

In exchange for a fee, the NFT marketplace will typically handle the transfer of an NFT from one party to the other.

Each NFT marketplace has its own system for how it operates. The types of NFTs available, fees, payment options, permitted blockchains and other rules will depend on which one you use.

2.How Do NFT Marketplaces Work?

When you create an account with an NFT marketplace, you can browse through all their available options for sale. You can also add a payment method, and some require you to link a crypto wallet to pay with crypto, while others allow you to use a credit card.

Some sites let you buy NFTs directly for a fixed price, while others will use an auction.

If you complete the transaction, the NFT marketplace will record it on its blockchain showing the change of ownership.

❓👋NFT (non-fungible token)

1.What are NFTs?

NFT (non-fungible token) is a unique digital item stored on the blockchain. NFTs can represent almost anything and serve as a digital record of ownership.

Replaceable and irreplaceable Before we dive into NFTs, it's important to understand the “non-fungible” part of “non-fungible token.” When an item is fungible, it means it can be replaced with another item of the same type. A good example is a $1 bill: you can exchange dollars with someone and you both still have $1 left. On the other hand, non-fungible means that the item is completely unique and therefore has its own unique value. For example, two cars of the same make and model may have different values based on their odometer miles, their accident records, or whether they were previously owned by another person. famous person or not.

2,How do NFTs work?

NFT works on blockchain technology. Blockchain is essentially a large, public digital record. The most popular blockchains are distributed across multiple nodes (read: people’s computers), which is why you will hear them described as “decentralized.” So instead of servers being owned by a central company, the blockchain is distributed across a peer-to-peer network. This not only ensures that the blockchain is immutable, but also allows node operators to make money instead of a single company. Because blockchain records and preserves history, it is uniquely positioned to transform provable authenticity and digital ownership. When someone creates, transfers, buys, sells, or does something with an NFT, it is all recorded on the blockchain. This is what enables authentication. This record serves as a permanent statement of authenticity that can be viewed or accessed by anyone. Nowadays, when you buy a piece of art or a collectible, it often comes with a certificate of authenticity that you have to keep track of forever. It is easily forgotten, lost or destroyed, creating a very fragile system of authenticity. Blockchain offers a simpler and more secure solution to this long-standing problem of proving authenticity. Let's say you want to buy a piece of art from Tyler Hobbs. With an NFT, you can see the entire history of that piece, all previous owners, every sale, all the way back to Hobbs' original creation of the piece. Without an NFT, you won't know if you're buying the real thing or just a really good fake.

3.Impact of NFT technology.

Blockchain technology is a revolution for digital goods. With NFTs, digital items can be scarce, publicly transferable, and have authenticated ownership. But you might be thinking… so what? For creators, these new attributes are extremely powerful. Instead of distributing their art, music, or other creative works on traditionally difficult-to-monetize platforms, they can sell unique and authenticated items on a blockchain-based marketplace . In addition to initial sales, NFT creators can receive a fixed creator income on secondary sales. For example, a developer can create in-game skins that can be used across different games and have established authenticity and ownership, and the developer can monetize these purchase or sale of that interface. This technology is also revolutionary for collectors. Imagine you're about to buy a concert ticket online— with an NFT, you can trust its authenticity, thanks to its undisputed blockchain history, instead of relying on the reseller's word.

4.What are NFTs used for?

NFTs can represent anything, but let's explore some of the ways NFTs are being used today and potential implementations for the future. NFT art Art NFTs are a type of NFT that represents a piece of digital art, such as a drawing, painting, or digital artwork. Each art NFT is unique and traceable to the original NFT creator, and that connection to the creator can also be valuable. NFT Art is a new form of digital art that can be collected and sold, similar to physical art. Artistic NFTs can also have additional utility (for example, owning an NFT can also give you commercial rights to use the underlying artwork). Artists are creating new and incredible works using NFTs. Damien Hirst used NFTs in his “ The Money ” collection, in which he created digital versions of 10,000 unique physical paintings. Collectors have one year to decide whether they want the digital or physical version of the painting— whichever version they do not choose will be destroyed.

❓👋What is NFT minting?

“Minting” an NFT is the process of recording a digital item onto the blockchain. This establishes an immutable record of authenticity and ownership.

1.What is the purpose of minting coins?

You may have heard people ask: “Why can't I take a screenshot of an NFT?” Minting is part of the answer. When you create an NFT, it is stored on the blockchain, which establishes its authenticity and ownership. And because the blockchain record cannot be edited, minting is the beginning of that NFT's immutable history.

2.Mining for creators

As a creator, creating your work allows you to establish provable scarcity and verified ownership. For the first time, creators can publish limited edition digital works, whose authenticity is verified on the blockchain. Ownership is indisputable and public, allowing creators to build special communities and perks for their NFT holders.

3.Mint for collectors

Minting NFTs isn't just for creators, however. NFT projects will often offer early access to their NFTs through a mint. When you mint an NFT from a project, you are the first owner of that NFT, as the minting of the NFT is the moment it is recorded on the blockchain. Typically, participating in a project's minting is like buying a pack of Pokémon cards: you don't know whether you'll get something rare or not.

4.How to mint money on OpenWorld_NFT?

Mining NFTs on OpenWorld_NFT is easy. On the Binance Blockchain, OpenWorld_NFT also offers “ lazy minting ”, a process through which you can avoid paying gas fees to mint your NFT. When you're lazy to mint coins, you can list your item for sale on OpenSea, but it's not actually recorded on the blockchain yet. When someone buys your NFT, the minting and sale are combined into one transaction, so the buyer pays all the gas fees!